S.C. Code Ann. § 12-10-35 – [Repealed by 1998 Act No. 419, Part II, Section 37B, eff July 1, 2003] Moratorium on state corporate income taxes for job creation in specified counties; amount as ratio of total investment in state | Midpage
§ 12-10-35
S.C. Code Ann. § 12-10-35
[Repealed by 1998 Act No. 419, Part II, Section 37B, eff July 1, 2003] Moratorium on state corporate income taxes for job creation in specified counties; amount as ratio of total investment in state
(A) If a qualifying business creates at least one hundred new full-time jobs, as defined and determined in Section 12-6-3360, in a county (1) with an average annual unemployment rate of at least twice the state average based on the two most recent calendar years of data available on November 1 of the preceding year, or (2) which is one of the three lowest per capita income counties based on the average of the three most recent years of average per capita income data, and at least ninety percent of the investment of the qualifying business in this State is in that county, then the company is allowed a moratorium on state corporate income taxes imposed pursuant to Section 12-6-530 for the company's first ten taxable years beginning with the taxable year after it first qualifies. The moratorium applies to that portion of the company's corporate income tax that represents the ratio that the company's new investment is of its total investment in this State.
(B) If at least two hundred new full-time jobs are added, the moratorium period is fifteen taxable years.