[Repealed effective July 1, 2005.]

1. (A) A taxpayer creating and maintaining at least one hundred full-time new jobs, as defined in Section 12-6-3360(M), at a facility of a type identified in Section 12-6-3360(M) may petition, utilizing the procedure in Section 12-6-2320(B), for a moratorium on state corporate income or insurance premium taxes imposed pursuant to Section 12-6-530 for the ten taxable years beginning the first full taxable year after the taxpayer qualifies and ending either ten years from that year or the year when the taxpayer's number of full-time new jobs falls below one hundred, whichever is earlier.

2. (B) To qualify for the moratorium pursuant to subsection (A), a taxpayer shall create at least one hundred full-time new jobs at a facility in a county:

   1. (1) with an average annual unemployment rate of at least twice the state average during the last twenty-four months, based on the unemployment rate data on November first or that is one of the three lowest per capita income counties, based on the average of the three most recent completed calendar years of per capita income data that are available on November first; and
   2. (2) in which at least ninety percent of the taxpayer's total investment in this State is located.
3. (C) The moratorium applies to that portion of the taxpayer's corporate income or premium tax that represents the ratio of the company's new investment in the qualifying county to its total investment in this State.

4. (B) To qualify for the moratorium pursuant to subsection (A), a taxpayer must create at least one hundred full-time new jobs at a facility in a county:

   1. (1) with an average annual unemployment rate of at least twice the state average during each of the last two completed calendar years, based on the most recent unemployment rates available, or that is one of the three lowest per capita income counties, based on the average of the three most recent years of available average per capita income data; and
   2. (2) in which at least ninety percent of the taxpayer's total investment in this State is located.
5. (C) The moratorium applies to that portion of the taxpayer's corporate income tax that represents the ratio of the company's new investment in the qualifying county to its total investment in this State.
6. (D) The department shall prescribe certification procedures to ensure that the taxpayer may claim the moratorium in future years even if a particular county is removed from the list of moratorium counties.
7. (E) If the taxpayer creates and maintains at least two hundred full-time new jobs within five years from the date the taxpayer creates the first full-time new job at the facility, the moratorium period is fifteen taxable years, beginning the first full taxable year after the taxpayer qualifies and ending either fifteen years from that year or the year when the taxpayer's number of full-time new jobs falls below two hundred, whichever is earlier.
8. (F) The taxpayer must create the one hundred full-time new jobs within five years from the date it creates the first full-time new job, except that the taxpayer must have hired its first full-time new employee by July 1, 2005, to be eligible for either the ten-year or fifteen-year moratorium.
9. (G) The department shall designate the moratorium counties by December thirty-first each year using data from the South Carolina Employment Security Commission and the United States Department of Commerce. The designations are effective for taxable years that begin in the following calendar year.