reglab/statecodes huggingface dataset:
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 44 - High Growth Small Business Job Creation Act › Section 11-44-40. Nonrefundable income tax credit for qualified investments.

(A) An angel investor is entitled to a nonrefundable income tax credit of thirty-five percent of its qualified investment made pursuant to this chapter.
(B) Fifty percent of the allowed credit may be applied to the angel investor's net income tax liability in the tax year during which the qualified investment is made, and fifty percent of the allowed credit may be applied to the angel investor's net income tax liability in the tax years after the qualified investment is made and may be carried forward for a period not to exceed ten years for these purposes as provided in Section 11-44-50.
(C) For any pass-through entity making a qualified investment directly in a qualified business, each individual who is a shareholder, partner, or member of the entity must be allocated the credit allowed the pass-through entity in an amount determined in the same manner as the proportionate shares of income or loss of such pass-through entity would be determined. The pass-through entity must make an irrevocable election with the Department of Revenue as to the manner in which the credit is allocated. If an individual's share of the pass-through entity's credit is limited due to the maximum allowable credit under this chapter for a taxable year, the pass-through entity and its owners may not reallocate the unused credit among the other owners.
HISTORY: 2013 Act No. 80, Section 1.A, eff June 14, 2013; 2020 Act No. 138 (S.76), Section 3.B., eff May 26, 2020.
Editor's Note
2013 Act No. 80, Section 1.B., as amended by 2020 Act No. 138, Section 3.A., and Section 3, provide as follows:
"[1.]B. The provisions of Chapter 44, Title 11, contained in this act are repealed on December 31, 2025. Any carry forward credits shall continue to be allowed until the ten-year time period in Section 11-44-40(B) is completed."
"SECTION 3. This act takes effect upon approval by the Governor, and the tax credits permitted by this chapter are first available for investments made after December 31, 2012."
2020 Act No. 138, Section 3.B., provides as follows:
"[3.]B. This SECTION takes effect upon approval by the Governor and applies to tax years beginning after 2019. The provisions of Chapter 44, Title 11, as they existed on December 31, 2019, are re-enacted, and the tax credits earned pursuant to this SECTION shall be earned and claimed under the same terms and conditions as they existed on December 31, 2019. This SECTION shall continue to apply until such time as Chapter 44, Title 11, or parts thereof, are otherwise repealed, mutatis mutandis."
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 44 - High Growth Small Business Job Creation Act › Section 11-44-50. Conditions and limitations on tax credits.

Tax credits claimed pursuant to this chapter are subject to the following conditions and limitations:
(1) the total amount of credits allowed pursuant to this chapter may not exceed in the aggregate five million dollars for all taxpayers for any one calendar year;
(2) the aggregate amount of credit allowed an individual for one or more qualified investments in a single taxable year under this chapter, whether made directly or by a pass-through entity and allocated to an individual, shall not exceed one hundred thousand dollars each year, not including any carry forward credits;
(3) the amount of the tax credit allowed an individual under this chapter for a taxable year shall not exceed an individual's net income tax liability. An unused credit amount is allowed to be carried forward for ten years from the close of the taxable year in which the qualified investment was made. Credit is not allowed against prior years' tax liability;
(4) the credit is transferrable by the angel investor to his heirs and legatees upon his or her death and to his or her spouse or incident to divorce;
(5) the credit may be sold, exchanged, or otherwise transferred, and may be carried forward for a period of ten taxable years following the taxable year in which the credit originated until fully expended. A tax credit or increment of a tax credit may be transferred only once. The credit may be transferred to any taxpayer. A taxpayer to whom a credit has been transferred may use the credit for the taxable year in which the transfer occurred and unused amounts may be carried forward to succeeding taxable years, but the transferred credit may not be used more than ten years after it was originally issued; and
(6) the Department of Revenue may develop procedures for the transfer of the credits.
HISTORY: 2013 Act No. 80, Section 1.A, eff June 14, 2013; 2020 Act No. 138 (S.76), Section 3.B., eff May 26, 2020.
Editor's Note
2013 Act No. 80, Section 1.B., as amended by 2020 Act No. 138, Section 3.A., and Section 3, provide as follows:
"[1.]B. The provisions of Chapter 44, Title 11, contained in this act are repealed on December 31, 2025. Any carry forward credits shall continue to be allowed until the ten-year time period in Section 11-44-40(B) is completed."
"SECTION 3. This act takes effect upon approval by the Governor, and the tax credits permitted by this chapter are first available for investments made after December 31, 2012."
2020 Act No. 138, Section 3.B., provides as follows:
"[3.]B. This SECTION takes effect upon approval by the Governor and applies to tax years beginning after 2019. The provisions of Chapter 44, Title 11, as they existed on December 31, 2019, are re-enacted, and the tax credits earned pursuant to this SECTION shall be earned and claimed under the same terms and conditions as they existed on December 31, 2019. This SECTION shall continue to apply until such time as Chapter 44, Title 11, or parts thereof, are otherwise repealed, mutatis mutandis."
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 44 - High Growth Small Business Job Creation Act › Section 11-44-80. Tax credits not considered securities.

Tax credits generated as a result of these investments are not considered securities under the laws of this State.
HISTORY: 2013 Act No. 80, Section 1.A, eff June 14, 2013; 2020 Act No. 138 (S.76), Section 3.B., eff May 26, 2020.
Editor's Note
2013 Act No. 80, Section 1.B., as amended by 2020 Act No. 138, Section 3.A., and Section 3, provide as follows:
"[1.]B. The provisions of Chapter 44, Title 11, contained in this act are repealed on December 31, 2025. Any carry forward credits shall continue to be allowed until the ten-year time period in Section 11-44-40(B) is completed."
"SECTION 3. This act takes effect upon approval by the Governor, and the tax credits permitted by this chapter are first available for investments made after December 31, 2012."
2020 Act No. 138, Section 3.B., provides as follows:
"[3.]B. This SECTION takes effect upon approval by the Governor and applies to tax years beginning after 2019. The provisions of Chapter 44, Title 11, as they existed on December 31, 2019, are re-enacted, and the tax credits earned pursuant to this SECTION shall be earned and claimed under the same terms and conditions as they existed on December 31, 2019. This SECTION shall continue to apply until such time as Chapter 44, Title 11, or parts thereof, are otherwise repealed, mutatis mutandis."
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 45 - Venture Capital Investment Act Of South Carolina › Section 11-45-20. Legislative intent.

The General Assembly desires to increase the availability of equity, near-equity, or seed capital for emerging, expanding, relocating, and restructuring enterprises in the State, so as to help strengthen the state's economic base, and to support the economic development goals of this State in accordance with the strategy established by the Department of Commerce. The General Assembly also desires to address the long-term capital needs of small-sized and medium-sized firms, to address the needs of micro enterprises, to expand availability of venture capital, and to increase international trade and export finance opportunities for South Carolina based companies.
HISTORY: 2004 Act No. 187, Section 5; 2005 Act No. 125, Section 1.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 45 - Venture Capital Investment Act Of South Carolina › Section 11-45-50. Solicitation of investment plans; contents; contracts with designated investor groups.

(A)(1) The authority shall solicit as necessary from time to time investment plans for the raising and investing of capital in accordance with the requirements of this chapter.
(2) Investment plans submitted shall address such matters as may be required by the authority including, but not limited to the submitting person's:
(a) level of experience;
(b) quality of management;
(c) investment philosophy and process;
(d) probability of success in fund raising; and
(e) plan for achieving the purposes of this chapter.
(3) The authority shall consider the investment plans submitted pursuant to this section and shall select one or more designated investor groups deemed best qualified to:
(a) capitalize one or more private revolving funds in accordance with this chapter;
(b) invest the capital as permitted by this chapter in a manner mobilizing equity, near-equity or seed capital investments in ventures promoting the economic development goals of this State; and
(c) help build a significant, fiscally strong, and permanent resource to serve the objectives expressed in this chapter.
(B)(1) Each designated investor group selected pursuant to subsection (A)(3) of this section shall enter into a designated investor contract with the authority, which designated investor contract must contain any investment guidelines and other terms and conditions the authority considers necessary, advisable, or appropriate.
(2) A designated investor contract may authorize a designated investor group to invest capital either through investors or directly in South Carolina based companies, or both; provided, however, that any designated investor group authorized to invest directly in South Carolina based companies shall meet the requirements set forth in this chapter for an investor.
(3) The authority may charge a fee under each designated investor contract as compensation.
(C) Each designated investor group must have a manager who is a person with demonstrated substantial successful experience in the design, implementation, and management of venture capital investment programs and in capital formation.
(D) The authority shall have the right as further specified in the designated investor contract to:
(1) remove and replace any designated investor group; and
(2) effect the assignment of all assets, liabilities, and tax credits acquired or incurred in connection with this chapter to any other designated investor group.
HISTORY: 2004 Act No. 187, Section 5; 2005 Act No. 125, Section 1; 2007 Act No. 83, Section 8.B; 2007 Act No. 110, Section 4.B; 2007 Act No. 116, Section 2.B.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 45 - Venture Capital Investment Act Of South Carolina › Section 11-45-60. Selection of investment plans.

Each designated investor group authorized by its designated investor contract shall solicit from investors plans for the investing of capital held in the designated investor group's revolving fund in accordance with the requirements of this chapter. Each designated investor group shall consider and select the investment plans and shall select investors qualified to:
(1) make the most effective and efficient utilization of the investment; and
(2) invest in venture capital investments, requiring equity, near-equity, or seed capital which promote the economic development goals of this State in accordance with the strategy established by the Department of Commerce.
HISTORY: 2004 Act No. 187, Section 5; 2005 Act No. 125, Section 1.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 45 - Venture Capital Investment Act Of South Carolina › Section 11-45-80. South Carolina Technology Innovation Fund established; purposes.

In addition to and apart from the other duties and functions of the authority, there is created under the administration of the board of directors of the authority, a fund entitled the South Carolina Technology Innovation Fund which shall receive that funding as may be provided by law. The board shall contract with a tax-exempt organization under Section 501(c)(3) of the Internal Revenue Code of 1986, as amended, for administration of the innovation fund. The innovation fund must be used by the board to:
(1) award small grants for the best and most creative ideas from South Carolina research universities' technology incubators with the awards to be available for eligible students and innovative knowledge-based enterprises that are located in a research university incubator. These grants are to be awarded to inspire and encourage knowledge-based technology and intellectual property transfers from research university faculty and students to the marketplace;
(2) design a major education, marketing, and public relations program to ensure that residents of South Carolina, members of the General Assembly, and potential venture capital investors understand and support the requirements for participation in the fund, the strategic need for venture capital funding, and for grant support for deserving entrepreneurs.
HISTORY: 2004 Act No. 187, Section 5; 2005 Act No. 125, Section 1.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 45 - Venture Capital Investment Act Of South Carolina › Section 11-45-90. Reports by investor groups to Venture Capital Authority; contents.

Each designated investor group shall provide an annual report to the authority with that information as may be required by the authority, and which shall:
(1) include an annual audit of the activities conducted by the designated investor group;
(2) document and review the progress of the designated investor group in implementing its investment plan;
(3) list any use, redemption, or transfer of tax credits allowed under this chapter;
(4) include a schedule of the rates of return, net of total investment expense, on assets held by the designated investor group pursuant to this chapter overall and on those assets aggregated by category over the most recent one-year, three-year, five-year, and ten-year periods, to the extent available; and
(5) include a schedule of the sum of total investment expense and total general administrative expense for the fiscal year incurred and expressed as a percentage of the fair value of assets of the designated investor group held pursuant to this chapter on the last day of the fiscal year, and an equivalent percentage for the preceding five fiscal years, if applicable.
HISTORY: 2004 Act No. 187, Section 5; 2005 Act No. 125, Section 1.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 45 - Venture Capital Investment Act Of South Carolina › Section 11-45-95. Reports by authority; contents.

(A) The authority shall provide an annual report to the Governor, the General Assembly, and other appropriate officials and entities containing at a minimum the following information:
(1) monies placed in venture capital investments with approved investors and South Carolina based companies cumulatively and during that fiscal year;
(2) an audit of the activities conducted by the authority during that fiscal year;
(3) the progress of the designated investor groups in implementing their respective investment plans;
(4) the amount and time lines of tax credit certificates issued both cumulatively and during that fiscal year, and any use, redemption, or transfer of tax credits during that fiscal year;
(5) a description of a material interest held by a director, officer, or employee of the authority with respect to the investments or assets of the designated investor groups;
(6) a schedule of the aggregate rate of return, net of total investment expense, on assets of the designated investor groups held pursuant to this chapter over the most recent one-year, three-year, five-year, and ten-year periods, to the extent available; and
(7) a schedule of the sum of total investment expense and total general administrative expense for the fiscal year incurred and expressed as a percentage of the fair value of assets of the designated investor groups held pursuant to this chapter on the last day of the fiscal year, and an equivalent percentage for the preceding five fiscal years, if applicable.
(B) These disclosure requirements are cumulative to and do not replace other reporting requirements provided by law.
(C) Notwithstanding any other provision of law, private investment and other proprietary financial data provided to the authority by a designated investor group or an investor is not subject to public disclosure under Title 30, Chapter 4.
HISTORY: 2005 Act No. 125, Section 1.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 45 - Venture Capital Investment Act Of South Carolina › Section 11-45-100. Power of authority to implement chapter; employment of persons.

(A) The authority has the power to establish guidelines and regulations and make any contract (including without limitation any designated investor contract), execute any document, perform any act, or enter into any financial or other transaction necessary to implement this chapter.
(B) In furtherance of subsection (A) above, the authority, or the Department of Commerce on its behalf, as the case may be, may employ any person as may be required for:
(1) proper implementation of this chapter;
(2) the management of its assets; or
(3) the performance of any function authorized or required by this chapter or necessary for the accomplishment of any function.
(C) The provisions of Title 11, Chapter 35 do not apply to any transaction necessary to implement this chapter.
HISTORY: 2004 Act No. 187, Section 5; 2005 Act No. 125, Section 1.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 45 - Venture Capital Investment Act Of South Carolina › Section 11-45-105. Approval of guidelines.

Any guideline issued by the authority pursuant to this chapter must be approved by the State Fiscal Accountability Authority.
HISTORY: 2007 Act No. 83, Section 8.E; 2007 Act No. 110, Section 4.E; 2007 Act No. 116, Section 2.E; 2014 Act No. 121 (S.22), Pt VII, Section 20.J.3, eff July 1, 2015.
Effect of Amendment
2014 Act No. 121, Section 20.J.3, substituted "Fiscal Accountability Authority" for "Budget and Control Board".
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 46 - South Carolina Hydrogen Infrastructure Development Act › Section 11-46-30. Donor tax credits; schedule of state appropriations.

(A) The South Carolina Hydrogen Infrastructure Development Fund may receive donations, grants, and any other funding as provided by law. A taxpayer making a contribution to the fund is allowed a tax credit provided pursuant to Section 12-6-3630.
(B) The South Carolina Hydrogen Infrastructure Development Fund may receive appropriations from the general fund of the State up to the following amounts in the fiscal years indicated:
(1) seven million dollars for the fiscal year 2007-2008;
(2) five million dollars for fiscal year 2008-2009;
(3) three million dollars for fiscal year 2009-2010.
HISTORY: 2007 Act No. 83, Section 2.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 46 - South Carolina Hydrogen Infrastructure Development Act › Section 11-46-40. Annual report; contents.

The South Carolina Research Authority shall submit an annual report to the Governor and the General Assembly containing at a minimum the following:
(1) the total amount of monies placed in the fund in a fiscal year and the total amount of monies granted from the fund in a fiscal year;
(2) a list of the applicants that received grants and the applicants' stated objectives;
(3) an audit of the activities conducted by the applicants;
(4) the monies used by the authority for administration and management, which may not exceed two hundred thousand dollars annually, and the percentage of each grant used for administration and management;
(5) the progress achieved by the authority and the fund in creating a sustainable foundation upon which a hydrogen economy may develop across the State; and
(6) the certified gross profits earned by grant recipients provided pursuant to Section 11-46-60.
HISTORY: 2007 Act No. 83, Section 2.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 46 - South Carolina Hydrogen Infrastructure Development Act › Section 11-46-50. State agency purchase of machinery or equipment operated by hydrogen or fuel cells.

Each state agency head shall require the agency's procurement officer, or other state employee authorized to purchase equipment or machinery for the agency, to consider purchasing equipment or machinery operated by hydrogen or fuel cells, or both of them, if available and cost-effective.
HISTORY: 2007 Act No. 83, Section 2.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 46 - South Carolina Hydrogen Infrastructure Development Act › Section 11-46-60. Repayment of grant.

Two percent of the gross profits derived from the sale of hydrogen and fuel cell products or services developed from a grant to a grant recipient, organized and operating as a for-profit business entity, must be annually remitted to the fund through June 30, 2012, until the full amount of the original grant has been repaid to the fund. Thereafter, if the full amount of the original grant has not been repaid, two percent of such gross profits must be annually remitted to the State Treasurer and transferred to the general fund of the State until repaid. The Department of Revenue shall promulgate regulations to determine and certify gross profits.
HISTORY: 2007 Act No. 83, Section 2.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 46 - South Carolina Hydrogen Infrastructure Development Act › Section 11-46-70. Designation of nonprofit affiliate to implement provisions of chapter.

The authority or a nonprofit affiliate designated by the authority may implement the provisions of this chapter. A designated nonprofit affiliate shall establish a separate and distinct fund. Monies provided to the affiliate fund must be subject to the same conditions and requirements provided by law that apply to a fund established by the authority. Grants from the affiliate fund must be made with the consent of the executive committee of the authority. The provisions of this chapter and Section 12-6-3630 apply to the affiliate fund.
HISTORY: 2007 Act No. 83, Section 2.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 47 - Tobacco Escrow Fund Act › Section 11-47-40. Stay of execution upon filing of notice of appeal.

(A) The appeal of a judgment awarding relief in a civil action, under any legal theory, involving a signatory of the Master Settlement Agreement, as defined in Section 11-47-20(e), or a successor to or affiliate of a signatory to the agreement, automatically stays the execution of that judgment.
(B) The stay described in subsection (A) is effective upon the filing of the notice of appeal and during the entire course of appellate review of the judgment.
HISTORY: 2004 Act No. 216, Section 1.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 48 - Tobacco Qualified Escrow Fund Enforcement › Section 11-48-10. Legislative findings.

The General Assembly finds that:
(1) potential violations of Chapter 47 of this title, The Tobacco Escrow Fund Act, may threaten the integrity of the Tobacco Master Settlement Agreement, the financial interests of the State, and the public health; and
(2) enacting procedural enhancements may deter potential violations and promote the enforcement of The Tobacco Escrow Fund Act, safeguard the Master Settlement Agreement, the financial interests of the State, and the public health.
HISTORY: 2005 Act No. 61, Section 1.A.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 48 - Tobacco Qualified Escrow Fund Enforcement › Section 11-48-20. Definitions.

As used in this chapter:
(1) "Brand family" means all styles of cigarettes sold under the same trademark and differentiated from one another by means of additional modifiers or descriptors including, but not limited to, menthol, lights, kings, and 100s and includes the use of a brand name alone or in conjunction with another word, trademark, logo, symbol, motto, selling message, recognizable pattern of colors, or any other indicia of product identification identical or similar to, or identifiable with, a previously known brand of cigarettes.
(2) "Cigarette" has the same meaning as in Section 11-47-20(d).
(3) "Nonparticipating manufacturer" means a tobacco product manufacturer that is not a participating manufacturer.
(4) "Participating manufacturer" has the meaning given that term in Section 11(jj) of the Master Settlement Agreement and all amendments to it.
(5) "Qualified escrow fund" has the same meaning as that term is defined in Section 11-47-20(f).
(6) "Cigarette distributor" means a person required to pay the tax imposed by Section 12-21-620 or authorized to affix a tax stamp to a cigarette package pursuant to Title 12.
(7) "Tobacco product manufacturer" has the same meaning as that term is defined in Section 11-47-20(i).
(8) "Units sold" has the same meaning as that term is defined in Section 11-47-20(j).
HISTORY: 2005 Act No. 61, Section 1.A.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 48 - Tobacco Qualified Escrow Fund Enforcement › Section 11-48-40. Nonresident nonparticipating manufacturer not registered to do business in State; appointment of agent for service of process.

(A) A nonresident or foreign nonparticipating manufacturer that has not registered to do business in the State as a foreign corporation or business entity, as a condition precedent to having its brand families listed or retained in the directory, shall appoint and continually engage without interruption the services of an agent in this State to act as agent for the service of process on whom all process and action or proceeding against it concerning or arising out of the enforcement of Chapter 47 of this title, may be served in a manner authorized by law. That service is legal and valid service of process on the nonparticipating manufacturer. The nonparticipating manufacturer shall provide the name, address, phone number, and proof of the appointment and availability of the agent to, and to the satisfaction of the Attorney General.
(B) The nonparticipating manufacturer shall provide notice to the Attorney General thirty calendar days before termination of the authority of an agent and proof to the satisfaction of the Attorney General of the appointment of a new agent no fewer than five calendar days before the termination of an existing agent appointment. If an agent terminates an agency appointment, the nonparticipating manufacturer shall notify the Attorney General of the termination within five calendar days and shall include proof to the satisfaction of the Attorney General of the appointment of a new agent.
(C) A nonparticipating manufacturer whose cigarettes are sold in this State without appointing or designating an agent as required by this section is deemed to have appointed the Secretary of State as the agent and may be proceeded against in courts of this State by service of process upon the Secretary of State; except that, appointment of the Secretary of State as the agent does not satisfy the condition precedent to having its brand families listed or retained in the directory.
HISTORY: 2005 Act No. 61, Section 1.A.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 48 - Tobacco Qualified Escrow Fund Enforcement › Section 11-48-60. Enforcement by revocation or suspension of license of cigarette distributor, civil penalties, forfeitures, and injunctions; costs.

(A) In addition to or instead of another civil or criminal remedy provided by law, upon a determination that a cigarette distributor has violated Section 11-48-30(C) or a regulation promulgated pursuant to it, the Attorney General may cause to be revoked or suspended the license of a cigarette distributor in the manner provided by Sections 12-60-1310 through 12-60-1350. Each stamp affixed, should such a stamp be required by law, and each offer to sell cigarettes in violation of Section 11-48-30(C) constitutes a separate violation. The Attorney General also may impose a civil penalty for each violation in an amount not to exceed the greater of five times the retail value of the cigarettes or five thousand dollars upon a determination of violation of Section 11-48-30(C).
(B) Cigarettes that have been sold, offered, or possessed for sale in this State or imported for personal consumption in this State in a civil or criminal violation of Section 11-48-30(C) are declared contraband, and may be seized pending adjudication of the violation. Upon a determination of violation, the cigarettes are forfeited and must be destroyed.
(C) The Attorney General may seek an injunction to restrain a threatened or actual violation of Sections 11-48-30(C)(1), 11-48-50(A), or 11-48-50(D) by a cigarette distributor and to compel the cigarette distributor to comply with the sections. In an action brought pursuant to this section, the State may recover the costs of investigation, costs of the action, and reasonable attorney's fees.
HISTORY: 2005 Act No. 61, Section 1.A.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 48 - Tobacco Qualified Escrow Fund Enforcement › Section 11-48-70. Review of refusal to list or removal of brand family from list.

A determination of the Attorney General to not list in, or to remove from, the directory a brand family or tobacco product manufacturer is subject to review in the manner provided pursuant to Article 3, Chapter 23 of Title 1.
HISTORY: 2005 Act No. 61, Section 1.A.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 48 - Tobacco Qualified Escrow Fund Enforcement › Section 11-48-80. Certification of intention to comply with chapter; authority to promulgate regulations; recovery of investigation and litigation costs; relation to Chapter 47; severability.

(A) A person must not be issued a license or granted a renewal of a license to act as a cigarette distributor unless the person has certified in writing, under penalty of perjury, that he intends to comply fully with this chapter.
(B) For the year 2005, the first report of cigarette distributors required by Section 11-48-50(A) is due thirty days after the effective date of this chapter; the certifications by a tobacco product manufacturer described in Section 11-48-30(A) are due forty-five days after the effective date of this chapter; and the directory described in Section 11-48-30(B) must be published or made available within ninety days after the effective date of this chapter.
(C) The Attorney General may promulgate regulations necessary to effect the purposes of this chapter.
(D) In any action brought by the State to enforce this chapter, the Office of the Attorney General is entitled to recover the costs of investigation, expert witness fees, costs of the action, and reasonable attorney fees for a successful investigation or action.
(E) Unless otherwise expressly provided, the remedies or penalties provided by this chapter are cumulative to each other and to the remedies or penalties available under all other laws of this State.
(F) If a court of competent jurisdiction finds that the provisions of this chapter and Chapter 47 conflict and cannot be harmonized, then the provisions of Chapter 47 must control. If any section, paragraph, item, or subitem, sentence, clause, or phrase of this chapter causes Chapter 47 of Title 11 to no longer constitute a Qualifying or Model Statute, as those terms are defined in the Master Settlement Agreement, then that portion of this chapter is invalid. If any section, paragraph, item, subitem, subsubitem, sentence, clause, or phrase of this chapter is held to be invalid, unlawful, or unconstitutional, that decision does not affect the validity of the remaining portions of this chapter or any part of it.
HISTORY: 2005 Act No. 61, Section 1.A.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 48 - Tobacco Qualified Escrow Fund Enforcement › Section 11-48-90. Sale or possession of counterfeit cigarettes; penalties; definition; seizure as contraband.

(A) It is unlawful for a cigarette manufacturer, cigarette importer, cigarette distributor, or cigarette retailer to sell or possess counterfeit cigarettes. A person who violates this subsection is guilty of a felony and, upon conviction, must be punished as follows for a:
(1) first violation with a total quantity of fewer than two cartons of cigarettes, by a fine of one thousand dollars or five times the retail value of the cigarettes involved, whichever is greater, or imprisonment not to exceed five years, or both;
(2) subsequent violation with a total quantity of fewer than two cartons of cigarettes, by a fine of five thousand dollars or five times the retail value of the cigarettes involved, whichever is greater, or imprisonment not to exceed five years, or both the fine and imprisonment, and the revocation by the Department of Revenue of any license required pursuant to Article 5, Chapter 21, of Title 12, held by the cigarette manufacturer, cigarette importer, cigarette distributor, or cigarette retailer;
(3) first violation with a total quantity of two cartons of cigarettes or more by a fine of two thousand dollars or five times the retail value of the cigarettes involved, whichever is greater, or imprisonment not to exceed five years, or both; or
(4) subsequent violation with a quantity of two cartons of cigarettes or more by a fine of fifty thousand dollars or five times the retail value of the cigarettes involved, whichever is greater, or imprisonment not to exceed five years, or both the fine and imprisonment, and revocation by the Department of Revenue of any license required pursuant to Article 5, Chapter 21, of Title 12 held by the cigarette manufacturer, cigarette importer, cigarette distributor, or cigarette retailer license.
(B)(1) For purposes of this section, counterfeit cigarettes includes cigarettes with false manufacturing labels or packages of cigarettes bearing counterfeit tax stamps.
(2) Counterfeit cigarettes and related machinery encountered by a law enforcement agency in connection with a charged violation of this section are declared contraband and must be seized by the law enforcement agency and held by it pending adjudication of the charges. Upon conviction, the counterfeit cigarettes and related machinery are forfeited and must be destroyed.
HISTORY: 2005 Act No. 61, Section 1.A.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 48 - Tobacco Qualified Escrow Fund Enforcement › Section 11-48-100. Violations of chapter; penalty.

It is unlawful for any person knowingly to violate any provision of this chapter and any regulations promulgated pursuant to this chapter. Where no specific criminal penalty is provided in this chapter, such a violation is a misdemeanor, and upon conviction, the person must be fined not more than one thousand dollars or imprisoned for not more than one year, or both.
HISTORY: 2005 Act No. 61, Section 1.A.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 48 - Tobacco Qualified Escrow Fund Enforcement › Section 11-48-110. Interpretation with Chapter 48.

This Chapter 48 is intended as an aid to the enforcement of, and not as an amendment or modification to, Chapter 47 of this title. The General Assembly hereby finds and declares that any agreement of the State to enforce Chapter 47 of this title pursuant to the Master Settlement Agreement shall not be modified, varied, amended, supplemented, increased, or extended by the enactment and enforcement of this Chapter 48. Without limiting the generality of the foregoing, the interpretation and the method or degree of enforcement of this Chapter 48 shall not be allowed to serve as evidence that the provisions of Chapter 47 of this title are not being diligently enforced as contemplated by the Master Settlement Agreement.
HISTORY: 2005 Act No. 61, Section 1.A.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 49 - Tobacco Settlement Revenue Management Authority Act › Section 11-49-10. Short title.

This chapter may be cited as the "Tobacco Settlement Revenue Management Authority Act".
HISTORY: 2000 Act No. 387, Part II, Section 69A.2.
Editor's Note
2000 Act No. 387, Part II, Section 69A.6, provides as follows:
"If a provision of this subsection, including the provisions of Chapter 49, Title 11 of the 1976 Code as added by it, or the application of a provision to a person or circumstance is held invalid, the invalidity does not affect other provisions or applications of this subsection or the chapter added by it which may be given effect without the invalid provision or application. To this end, the provisions of this subsection and the chapter added by it are severable."
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 49 - Tobacco Settlement Revenue Management Authority Act › Section 11-49-20. Definitions.

As used in this chapter:
(1) "Authority" means the Tobacco Settlement Revenue Management Authority, as established by this chapter.
(2) "Board" means the governing body of the authority.
(3) "Bonds" means special source bonds, notes, or other evidences of indebtedness of the authority payable solely from and secured solely by the State's tobacco receipts, issued pursuant to the authorizations contained in this chapter and in Section 13(9), Article X of the Constitution of this State. The bonds are "bonds" for purposes of Section 12-2-50 and any successor provision.
(4) "Escrow" means the escrow as that term is defined in the master settlement agreement.
(5) "Escrow agent" means the escrow agent as that term is defined in the master settlement agreement.
(6) "Independent auditor" means the independent auditor as that term is defined in the master settlement agreement.
(7) "Master settlement agreement" means the settlement agreement and related documents entered into on November 23, 1998, by the State and the four principal United States tobacco product manufacturers, as amended and supplemented.
(8) "Participating manufacturers" means the participating manufacturers as that term is defined in the master settlement agreement.
(9) "State" or "this State" means the State of South Carolina.
(10) "State's tobacco receipts" means all of the payments to be made by the escrow agent and derived from payments made by the participating manufacturers and allocated to this State under the master settlement agreement, other than pursuant to Article XVII of that agreement.
HISTORY: 2000 Act No. 387, Part II, Section 69A.2.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 49 - Tobacco Settlement Revenue Management Authority Act › Section 11-49-30. Tobacco Settlement Revenue Management Authority created; purpose; termination.

(A) There is created the Tobacco Settlement Revenue Management Authority, a public body corporate and politic and an instrumentality of this State, with the responsibility of effecting the public purpose of this chapter.
(B) The purpose of the authority is to receive all of the state's tobacco receipts, to issue bonds of the authority payable solely from and secured solely by the state's tobacco receipts or any tobacco receipts reserved fund created from it for the purposes authorized in this chapter, and to manage and dispose of the state's tobacco receipts for the purposes and in the manner authorized in this chapter.
(C) Upon termination of the existence of the authority, title to all property, real and personal, owned by it, including net earnings, vests in the State.
HISTORY: 2000 Act No. 387, Part II, Section 69A.2.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 49 - Tobacco Settlement Revenue Management Authority Act › Section 11-49-40. Board; members; compensation; ethics; administrative assistance; personnel.

(A) The authority is governed by a board that shall consist of the members of the State Fiscal Accountability Authority. All members serve ex officio.
(B) Members of the board serve without pay but are allowed the usual mileage, per diem, and subsistence as provided by law for members of state boards, committees, and commissions.
(C) Members of the board and its employees, if any, are subject to the provisions of Chapter 13, Title 8, the Ethics, Government Accountability, and Campaign Reform Act, and Chapter 17, Title 2, relating to lobbying.
(D) To the extent that administrative assistance is needed for the functions and operations of the authority, the board may obtain this assistance from the Office of the State Treasurer and the State Fiscal Accountability Authority, and any successor agency, office, or division, each of which must provide the assistance requested by the board at no cost to the board or to the authority other than for expenses incurred and paid to entities that are not agencies or departments of the State. The board must retain ultimate responsibility and provide proper oversight for the implementation of this chapter.
(E) The board shall exercise the powers of the authority. A majority of the members of the board constitutes a quorum for the purpose of conducting all business. The board shall determine the number of personnel it requires, their compensation, and duties.
HISTORY: 2000 Act No. 387, Part II, Section 69A.2; 2014 Act No. 121 (S.22), Pt VII, Section 20.K, eff July 1, 2015.
Effect of Amendment
2014 Act No. 121, Section 20.K, rewrote subsection (A), in subsection (D), substituted "Fiscal Accountability Authority" for "Budget and Control Board", and made other nonsubstantive changes.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 49 - Tobacco Settlement Revenue Management Authority Act › Section 11-49-50. Tobacco receipts; assignment to authority.

The State's tobacco receipts due to the State after June 30, 2001, and the right to receive them as they are distributed from the escrow are assigned to the authority. On and after the date these revenues are pledged, the State shall have no right, title, or interest in or to the state's tobacco receipts; and the state's tobacco receipts are property of the authority and not of the State, and must be owned, received, held, and disbursed by the authority or the trustee for the holders of bonds and not by the State. The State directs the independent auditor and the escrow agent to make all these payments to the authority in accordance with instructions that may be given by the authority from time to time. The assignment and direction made in this subsection are irrevocable during any time when bonds are outstanding under this chapter plus one year and one day thereafter and are a part of the contractual obligation owed to the bond holders. On or before the date of delivery of any bonds, the State through the State Treasurer shall notify the independent auditor and the escrow agent that the State's tobacco receipts have been assigned to the authority and shall instruct the independent auditor and the escrow agent that, subsequent to the delivery date for bonds and irrevocably during the time when any bonds are outstanding, the State's tobacco receipts are to be paid directly to the authority or its designee.
HISTORY: 2000 Act No. 387, Part II, Section 69A.2.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 49 - Tobacco Settlement Revenue Management Authority Act › Section 11-49-55. State-grown crops; marketing, branding, and natural disaster relief assistance.

Notwithstanding any other provision of law, and to the extent that funds are available and not otherwise committed or restricted by law or by contract, from the trust fund created pursuant to this chapter, the State Treasurer shall direct one million dollars annually for five fiscal years beginning with the first fiscal year in which funds are available, to the Department of Agriculture to cause the marketing and branding of South Carolina agricultural crops or produce as being grown in South Carolina when offered for sale in retail establishments and to assist in relief from natural disasters affecting state-grown crops.
HISTORY: 2010 Act No. 170, Section 4, eff May 13, 2010.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 49 - Tobacco Settlement Revenue Management Authority Act › Section 11-49-80. Board and authority assets limited to tobacco receipts.

The authority and the board shall have no other assets or property except the State's tobacco receipts as received, and the right to receive the State's tobacco receipts.
HISTORY: 2000 Act No. 387, Part II, Section 69A.2.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 49 - Tobacco Settlement Revenue Management Authority Act › Section 11-49-90. Power to incur debt.

The authority and the board have no power to incur debt or obligations or in any way to encumber their assets except by the issuance of bonds, including the making of covenants in relation to the issuing of bonds and notes in anticipation of the issuance of the bonds, and the incurring of expenses and obligations as authorized in Section 11-49-60.
HISTORY: 2000 Act No. 387, Part II, Section 69A.2.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 49 - Tobacco Settlement Revenue Management Authority Act › Section 11-49-100. Accounts to be maintained separately; annual report.

All accounts of the authority must be held and maintained separately from all other funds, properties, assets, and accounts of this State and its other agencies. The board shall keep an accurate account of all of its activities and all of its receipts and expenditures and annually, in the month of January, shall make a report of its activities to the State Budget and Control Board, the report to be in a form prescribed by the State Budget and Control Board. Audited financial statements must be submitted to the Comptroller General by October fifteenth following the end of the fiscal year.
HISTORY: 2000 Act No. 387, Part II, Section 69A.2; 2005 Act No. 164, Section 13.
Code Commissioner's Note
At the direction of the Code Commissioner, reference in this section to the former Budget and Control Board has not been changed pursuant to the directive of the South Carolina Restructuring Act, 2014 Act No. 121, Section 5(D)(1), until further action by the General Assembly.
2023 South Carolina Code of Laws › Title 11 - Public Finance › Chapter 49 - Tobacco Settlement Revenue Management Authority Act › Section 11-49-120. Taxation of bonds, interest from bonds, and property of authority; fiduciaries authorized to invest in bonds.

(A) The bonds and the income from the bonds are exempt from all taxation in the State except for inheritance, estate, or transfer taxes, regardless of the federal income tax treatment of the interest from the bonds.
(B) The exercise of the powers granted by this chapter are in all respects for the benefit of the citizens of the State and for the promotion of their welfare, convenience, and prosperity. Property, whether real or personal, tangible or intangible, of the authority and the income and operations of the authority are exempt from taxation or assessment by the State or any of its political subdivisions.
(C) It is lawful for executors, administrators, guardians, committees, and other fiduciaries to invest any monies in their hands in bonds. Nothing contained in this section may be construed as relieving any person from the duty of exercising reasonable care in selecting investments.
HISTORY: 2000 Act No. 387, Part II, Section 69A.2.