2021 South Carolina Code of Laws
Title 11 - Public Finance
Chapter 44 - High Growth Small Business Job Creation Act
Section 11-44-20. Legislative intent.

The General Assembly desires to support the economic development goals of this State by improving the availability of early stage capital for emerging high-growth enterprises in South Carolina. To further these goals, this chapter is intended to:

(1) encourage individual angel investors to invest in early stage, high-growth, job-creating businesses;

(2) enlarge the number of high-quality, high-paying jobs within the State;

(3) expand the economy of this State by enlarging its base of wealth-creating businesses; and

(4) support businesses seeking to commercialize technology invented in this state's institutions of higher education.

HISTORY: 2013 Act No. 80, Section 1.A, eff June 14, 2013; 2020 Act No. 138 (S.76), Section 3.B., eff May 26, 2020.

Editor's Note

2013 Act No. 80, Section 1.B., as amended by 2020 Act No. 138, Section 3.A., and Section 3, provide as follows:

"[1.]B. The provisions of Chapter 44, Title 11, contained in this act are repealed on December 31, 2025. Any carry forward credits shall continue to be allowed until the ten-year time period in Section 11-44-40(B) is completed."

"SECTION 3. This act takes effect upon approval by the Governor, and the tax credits permitted by this chapter are first available for investments made after December 31, 2012."

2020 Act No. 138, Section 3.B., provides as follows:

"[3.]B. This SECTION takes effect upon approval by the Governor and applies to tax years beginning after 2019. The provisions of Chapter 44, Title 11, as they existed on December 31, 2019, are re-enacted, and the tax credits earned pursuant to this SECTION shall be earned and claimed under the same terms and conditions as they existed on December 31, 2019. This SECTION shall continue to apply until such time as Chapter 44, Title 11, or parts thereof, are otherwise repealed, mutatis mutandis."