Projects to which a fee agreement applies pursuant to this section are considered taxable property at the level of the negotiated payments for purposes of bonded indebtedness pursuant to Sections 14 and 15, Article X of the Constitution of this State, and for purposes of computing the index of taxpaying ability pursuant to Section 59-20-20(3). However, for a project located in an industrial development park as defined in Section 4-1-170, projects are considered taxable property in the manner provided in Section 4-1-170 for purposes of bonded indebtedness pursuant to Sections 14 and 15, Article X of the Constitution of this State, and for purposes of computing the index of taxpaying ability pursuant to Section 59-20-20(3). However, the computation of bonded indebtedness limitation is subject to the requirements of Section 4-29-68(E).
HISTORY: 1997 Act No. 149, Section 1; 2003 Act No. 69, Section 3.AAA.1, eff January 1, 2003.
Structure South Carolina Code of Laws
Chapter 44 - Fee In Lieu Of Tax Simplification Act
Section 12-44-10. Short title.
Section 12-44-20. Legislative findings.
Section 12-44-30. Definitions.
Section 12-44-55. Agreements; content requirements.
Section 12-44-60. Replacement property; qualifications and conditions.
Section 12-44-70. Use of revenues.
Section 12-44-80. Distribution of fee payments.
Section 12-44-160. Transfer of title; qualification for a fee in lieu of taxes.