Opinion ID: 1218518
Heading Depth: 2
Heading Rank: 1

Heading: the industrial revenue bond act

Text: The Act authorizes counties and municipalities to sell or lease certain manufacturing and commercial projects to a qualifying industry, financed by issuance of bonds payable from project revenues. Prior to 1988, all project leases had to contain a provision requiring the industry to make payments... in lieu of taxes, in such amounts as would result from taxes levied on the project ... if the project were owned by the industry .... S.C. Code Ann. § 4-29-60 (1986). In 1988, the Act was amended [2] to add § 4-29-67, providing an alternate method of paying the fee in lieu of taxes for industries investing at least $85 million. Specifically, § 4-29-67 permits counties and municipalities to negotiate the fee, subject to certain requirements set out in the statute. The negotiated fee provision was enacted in response to the perceived negative effect that this State's property taxes [3] have upon recruitment of large capital-intensive businesses. It is intended to induce these large industries to make new or expanded investments in South Carolina.