If a qualifying business fails to achieve the level of capital investment or employment set forth in the revitalization agreement, the council may terminate the revitalization agreement and reduce or suspend all or any part of the incentives until the time the anticipated capital investment and employment levels are met. However, these incentives must not be suspended retroactively. The council shall provide in the revitalization agreement entered into in connection with a project for the levels of capital investment and employment which must be achieved and for the time period in which the levels must be achieved.
HISTORY: 1995 Act No. 25, Section 1; 1996 Act No. 462, Section 18.
Structure South Carolina Code of Laws
Chapter 10 - Enterprise Zone Act Of 1995
Section 12-10-10. Short title.
Section 12-10-20. Legislative intent.
Section 12-10-30. Definitions.
Section 12-10-40. Designation of enterprise zones; criteria.
Section 12-10-50. Qualification for benefits.
Section 12-10-60. Revitalization agreement.
Section 12-10-80. Job development credits.
Section 12-10-81. Job development tax credits.
Section 12-10-82. Irrevocable assignment of future payments.
Section 12-10-85. Purpose and use of State Rural Infrastructure Fund; grants.
Section 12-10-88. Redevelopment fees.
Section 12-10-105. Annual fees.
Section 12-10-110. Construction of chapter.
Section 12-10-120. Job development credit requirements applicable to professional sports teams.