2013 South Carolina Code of Laws
Title 12 - Taxation
CHAPTER 10 - ENTERPRISE ZONE ACT OF 1995
SECTION 12-10-90. Levels of capital investment or employment in revitalization agreement; failure to achieve levels and effect thereof.
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.
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