For purposes of this article:
- (1) "Executive Director" means the Executive Director of the Revenue and Fiscal Affairs Office.
- (2) "Office" means the Revenue and Fiscal Affairs Office.
- (3) "Tax expenditure" means an amount of state revenue unavailable for general fund appropriation when the loss of revenue is attributable to a provision of the South Carolina Code of Laws which allow a special exclusion, exemption, or deduction from gross income, which provide a special credit, a preferential rate of tax, or a deferral of tax liability or which allocate or distribute state funds pursuant to an incentive program or fund.
HISTORY: 2018 Act No. 246 (H.3895), SECTION 2, eff July 1, 2018; 2019 Act No. 83 (H.4243), SECTION 6, eff May 22, 2019.
Effect of Amendment
2019 Act No. 83, SECTION 6, added (3), relating to the definition of "Tax expenditure".