For the purposes of this chapter, unless the context requires otherwise:

1. (1) "Abandoned" means that at least eighty percent of the facilities of the eligible site has been continuously closed to business or otherwise nonoperational for a period of at least one year immediately preceding the time at which the determination is to be made.
2. (2) "Eligible site" means a site that is designed for use or has in fact been used as a textile manufacturing facility or uses ancillary to it and is located in South Carolina.
3. (3) "Local taxing entities" means a county, municipality, school district, special purpose district, and any other entity or district with the power to levy ad valorem property taxes against the eligible site.
4. (4) "Local taxing entity ratio" means that percentage computed by dividing the millage rate of each local taxing entity by the total millage rate for the eligible site.
5. (5) "Placed in service" means the date upon which the eligible site is suitable for occupancy for the purposes intended.
6. (6) "Rehabilitation expenses" means the expenses incurred in the rehabilitation of the eligible site, excluding the cost of acquiring the eligible site or the cost of personal property maintained at the eligible site.
7. (7) "State historic credit" means the South Carolina historic rehabilitation tax credit under Section 12-6-3535.