It is found and declared that the project authorized by this chapter is in all respects for the benefit of all the people of the State, for the improvement of their welfare and material prosperity, and is a public purpose and a corporation owned completely by the people of the State. The authority shall pay no taxes or assessments including, but not limited to, income tax, sales and use tax, and property tax upon any of the property acquired by it or upon any of its activities; except that the authority is entitled to the above-referenced sales and use tax exemption only in (1) transactions to obtain tangible personal property for the authority's own use or consumption, (2) transactions related to authority contracts with governmental entities and nonprofit entities, and (3) transactions related to authority contracts with private, for-profit entities doing business in South Carolina, where these contracts do not place these entities in competition with other private, for-profit entities doing business in South Carolina. The securities and other obligations issued by the authority, their transfer, and the income is free from taxation. After payment of necessary operating expenses and all annual debt requirements, the authority shall reinvest net earnings furthering the purposes of this chapter.
HISTORY: 1983 Act No. 50 Section 2, eff April 29, 1983; 1990 Act No. 581, Section 2, eff June 11, 1990; 2005 Act No. 133, Section 1, eff June 7, 2005.
Structure South Carolina Code of Laws
Title 13 - Planning, Research and Development
Chapter 17 - South Carolina Research Authority
Section 13-17-10. Establishment of South Carolina Research Authority.
Section 13-17-20. South Carolina Research Authority; divisions; objectives.
Section 13-17-40. Members of board; terms; vacancies; compensation; annual reports; meetings.
Section 13-17-50, 13-17-60. Reserved.
Section 13-17-70. Powers of board of trustees.
Section 13-17-80. Board of trustees to exercise power of authority; exceptions; quorum.
Section 13-17-81. "Research park" defined.
Section 13-17-85. Confidentiality.
Section 13-17-88. Target programs of excellence; Industry Partnership Fund.
Section 13-17-89. Prohibition on pledging credit of State.
Section 13-17-90. Exemption from taxation.
Section 13-17-100. State not obligated, liable, or responsible.
Section 13-17-130. Assistance to public and private universities.
Section 13-17-140. Identification of common interest areas; promotion of universities.
Section 13-17-150. Establishment of statewide professional research organization.
Section 13-17-160. Restrictions on authority.
Section 13-17-170. Exemption of authority and its employees from certain Code provisions.
Section 13-17-180. Not-for-profit corporations; powers and limitations; annual audit.