Be it enacted by the General Assembly of the State of South Carolina: SECTION 1. Title 38 of the 1976 Code is amended by adding: 8 “CHAPTER South Carolina New Market Jobs Act Section 38810. This chapter must be known and may be cited as the Carolina New Market Jobs ‘South Act’. Section 38820. As used in this chapter: (1) the New Market Performance Guarantee ‘Account’ means Account. (2) means an entity that directly, or indirectly through ‘Affiliate’ one or more intermediaries, controls, or is controlled by, or is under common control with, the entity specified. (3) means zero percent for the first two ‘Applicable percentage’ credit allowance dates, twelve percent for the next four credit allowance dates, and ten percent for the final credit allowance date. (4) allowance means with respect to any qualified ‘Credit date’ equity investment: (a) the date on which the investment is initially made; and (b) each of the six anniversary dates of that date. (5) means the South Carolina Department of ‘Department’ Revenue. (6) the meaning of that term ‘Internal Revenue Code’ has provided pursuant to Section 12640. (7) means a written interpretation of law to a ‘Letter ruling’ specific set of facts provided by the applicant requesting a letter ruling. (8) means any debt instrument issued ‘Longterm debt security’ by a qualified community development entity with an original maturity date of at least seven years after the date of its issuance, with no repayment, amortization, or prepayment features before its original maturity date. The qualified community development entity that issues the debt instrument may not make cash interest payments on the debt instrument during the period beginning on the date of issuance and ending on the final credit allowance date in an amount that exceeds the cumulative operating income, as defined by regulations promulgated pursuant to Internal Revenue Code Section 45D, of the qualified community development entity for that period
Be it enacted by the General Assembly of the State of South Carolina: SECTION 1. Title 38 of the 1976 Code is amended by adding: “CHAPTER 8 South Carolina New Market Jobs Act Section 38810. This chapter must be known and may be cited as the ‘South Carolina New Market Jobs Act’. Section 38820. As used in this chapter: (1) ‘Account’ means the New Market Performance Guarantee Account. (2) ‘Affiliate’ means an entity that directly, or indirectly through one or more intermediaries, controls, or is controlled by, or is under common control with, the entity specified. (3) ‘Applicable percentage’ means zero percent for the first two credit allowance dates, twelve percent for the next four credit allowance dates, and ten percent for the final credit allowance date. (4) ‘Credit allowance date’ means with respect to any qualified equity investment: (a) the date on which the investment is initially made; and (b) each of the six anniversary dates of that date. (5) ‘Department’ means the South Carolina Department of Revenue. (6) ‘Internal Revenue Code’ has the meaning of that term provided pursuant to Section 12640. (7) ‘Letter ruling’ means a written interpretation of law to a specific set of facts provided by the applicant requesting a letter ruling. (8) ‘Longterm debt security’ means any debt instrument issued by a qualified community development entity with an original maturity date of at least seven years after the date of its issuance, with no repayment, amortization, or prepayment features before its original maturity date. The qualified community development entity that issues the debt instrument may not make cash interest payments on the debt instrument during the period beginning on the date of issuance and ending on the final credit allowance date in an amount that exceeds the cumulative operating income, as defined by regulations promulgated pursuant to Internal Revenue Code Section 45D, of the qualified community development entity for that period
3837_20150317.docx