SECTION 34. Section 124450(A)(1)(c)(i) of the 1976 Code, as last amended by Act 69 of 2003, is further amended to read: if real property is constructed for the fee or is purchased in “(i) an length transaction, the fair market value of real property arm’s is determined by using the original income tax basis for South Carolina income tax purposes without regard to depreciation, otherwise the property must be reported at its fair market value for ad valorem property taxes as determined by appraisal. The fair market value estimate established for the first year of the fee remains the fair market value of the real property for the life of the fee. The county and the sponsor or sponsor affiliate may instead provide in the fee agreement or any amendment thereto that any real property subject to the fee shall be reported at its fair market value for ad valorem property taxes as determined by appraisal as if such property were not subject to the fee;” SECTION 35. Section 1244110(2) of the 1976 Code, as last amended by Act 69 of 2003, is further amended to read: property which has been subject to property taxes in this “(2) State, but which has never been placed in service in this State, or which was placed in service in this State pursuant to an inducement agreement or other preliminary approval by the county prior to execution of the fee agreement pursuant to Section 124440(E), may qualify as economic development property;” SECTION 36. Section 1244130(A) of the 1976 Code, as last amended by Act 384 of 2006, is further amended to read: Except as otherwise provided in Section 124430(1819), to “(A) be eligible for the fee, a sponsor and each sponsor affiliate must invest the minimum investment as defined in Section 124430(14). For an enhanced investment pursuant to Section 124430(7), a single sponsor must make the investment, unless otherwise provided in that section. The county and the sponsors who are part of the fee agreement may agree that investments by other sponsor affiliates within the investment period qualify for the fee regardless of whether the sponsor affiliate was part of the fee agreement, except that each new sponsor affiliate must invest at least the minimum investment or the enhanced investment if applicable in the project, unless the project is a manufacturing, research and development corporate office, or distribution facility as provided in
SECTION 34. Section 124450(A)(1)(c)(i) of the 1976 Code, as last amended by Act 69 of 2003, is further amended to read: “(i) if real property is constructed for the fee or is purchased in an arm’s length transaction, the fair market value of real property is determined by using the original income tax basis for South Carolina income tax purposes without regard to depreciation, otherwise the property must be reported at its fair market value for ad valorem property taxes as determined by appraisal. The fair market value estimate established for the first year of the fee remains the fair market value of the real property for the life of the fee. The county and the sponsor or sponsor affiliate may instead provide in the fee agreement or any amendment thereto that any real property subject to the fee shall be reported at its fair market value for ad valorem property taxes as determined by appraisal as if such property were not subject to the fee;” SECTION 35. Section 1244110(2) of the 1976 Code, as last amended by Act 69 of 2003, is further amended to read: “(2) property which has been subject to property taxes in this State, but which has never been placed in service in this State, or which was placed in service in this State pursuant to an inducement agreement or other preliminary approval by the county prior to execution of the fee agreement pursuant to Section 124440(E), may qualify as economic development property;” SECTION 36. Section 1244130(A) of the 1976 Code, as last amended by Act 384 of 2006, is further amended to read: “(A) Except as otherwise provided in Section 124430(1819), to be eligible for the fee, a sponsor and each sponsor affiliate must invest the minimum investment as defined in Section 124430(14). For an enhanced investment pursuant to Section 124430(7), a single sponsor must make the investment, unless otherwise provided in that section. The county and the sponsors who are part of the fee agreement may agree that investments by other sponsor affiliates within the investment period qualify for the fee regardless of whether the sponsor affiliate was part of the fee agreement, except that each new sponsor affiliate must invest at least the minimum investment or the enhanced investment if applicable in the project, unless the project is a manufacturing, research and development corporate office, or distribution facility as provided in
4478_20100414.docx