summary
Introduced
03/13/2019
03/13/2019
In Committee
03/27/2019
03/27/2019
Crossed Over
03/27/2019
03/27/2019
Passed
05/20/2019
05/20/2019
Dead
Signed/Enacted/Adopted
06/10/2019
06/10/2019
Introduced Session
123rd General Assembly
Bill Summary
Amend Section 12-6-3360, Code Of Laws Of South Carolina, 1976, Relating To The Job Tax Credit, So As To Provide For A Professional Sports Team And To Provide Requirements That Specifically Apply To A Professional Sports Team, And To Increase Jobs Tax Credit Amounts In Tier Iv And Tier Iii Counties; To Amend Section 4-9-30, Relating To The Designation Of Powers Under The Alternate Forms Of Government, So As To Prohibit The Levy Of County License Fees And Taxes On A Professional Sports Team; To Amend Section 5-7-30, Relating To Powers Of A Municipality, So As To Prohibit The Levy Of A Business License Tax On A Professional Sports Team; By Adding Section 5-3-20 So As To Provide That The Real Property Owned By A Professional Sports Team May Not Be Annexed By A Municipality Without Prior Written Consent Of The Professional Sports Team; To Amend Sections 11-9-805 And 11-9-830, As Amended, Both Relating To The Revenue And Fiscal Affairs Office, So As To Require The Office Annually To Submit Tax Expenditure Reports To The General Assembly And To Define "tax Expenditure"; And By Adding Section 12-10-120 So As To Specify Certain Job Development Credit Requirements That Apply To A Professional Sports Team. - Ratified Title
AI Summary
This bill amends several sections of the South Carolina Code of Laws to provide specific provisions for professional sports teams, including:
- Allowing professional sports teams to qualify for the state's jobs tax credit program, with certain requirements regarding new jobs, full-time employment, and minimum payroll thresholds.
- Prohibiting counties and municipalities from levying license fees or business taxes on professional sports teams.
- Prohibiting municipalities from annexing real property owned by a professional sports team without the team's prior written consent.
- Requiring the Department of Revenue to annually report on the net new full-time jobs, average cash compensation, and employee residency status for any professional sports team claiming the jobs tax credit.
- Specifying that certain tax credits and incentives are only available to professional sports teams that meet the minimum job creation requirements by July 1, 2022, with an exception for teams that had existing revitalization agreements.
The bill aims to provide targeted tax incentives and regulatory relief for professional sports teams locating or operating in South Carolina, while also requiring reporting and oversight of the associated job creation and economic activity.
Committee Categories
Budget and Finance
Sponsors (28)
J. Gary Simrill (R)*,
Carl Anderson (D),
Lucas Atkinson (D),
Jimmy Bales (D),
Bart Blackwell (R),
Robert Brown (D),
Bruce Bryant (R),
Paula Calhoon (R),
Bobby Cox (R),
Westley Cox (R),
Jason Elliott (R),
Raye Felder (R),
Doug Gilliam (R),
Wendell Gilliard (D),
Joseph Jefferson (D),
John King (D),
Randy Ligon (R),
James Lucas (R),
Cezar McKnight (D),
Dennis Moss (R),
Steve Moss (R),
Brandon Newton (R),
Tommy Pope (R),
Todd Rutherford (D),
Murrell Smith (R),
L. Kit Spires (R),
Jay West (R),
Robert Williams (D),
Last Action
Act No. 83 (on 06/10/2019)
Official Document
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