summary
Introduced
01/14/2025
01/14/2025
In Committee
01/14/2025
01/14/2025
Crossed Over
Passed
Dead
Introduced Session
126th General Assembly
Bill Summary
Amend The South Carolina Code Of Laws By Adding Section 13-1-55 So As To Prohibit The Department Of Commerce From Offering Or Awarding Incentives To Certain Companies Owned Or Controlled By The People's Republic Of China Or The Chinese Communist Party, And To Prohibit Any Company Receiving An Incentive From Contracting With Such Prohibited Companies.
AI Summary
This bill amends South Carolina law to prohibit the Department of Commerce from offering economic incentives to companies that are at least 50% owned or controlled by entities from the People's Republic of China or the Chinese Communist Party. The bill broadly defines "incentives" to include tax credits, deductions, subsidies, rebates, and other financial benefits intended to attract or retain businesses. Any company receiving state incentives must also sign a statement promising not to contract with companies that would be prohibited from receiving such incentives. The definitions are expansive, covering various business structures like corporations, partnerships, and sole proprietorships, and the prohibition applies to any entity existing primarily to secure economic advantage. The legislation would take effect immediately upon the Governor's approval, representing a significant restriction on economic engagement with Chinese-owned or controlled businesses in the state.
Committee Categories
Justice
Sponsors (6)
Steven Long (R)*,
Bill Chumley (R),
Brian Lawson (R),
Josiah Magnuson (R),
John McCravy (R),
Fawn Pedalino (R),
Last Action
Referred to Committee on Judiciary (on 01/14/2025)
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.scstatehouse.gov/billsearch.php?billnumbers=3366&session=126&summary=B |
| BillText | https://www.scstatehouse.gov/sess126_2025-2026/prever/3366_20241205.htm |
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