Economic Development Incentives
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Overview
This bill proposes to limit state economic development incentives for businesses in South Carolina that hire or employ individuals on H-1B visas or Optional Practical Training (OPT) visas. It amends the state code to specifically exclude these companies from receiving various incentives, such as tax credits and exemptions. The bill aims to reduce the potential use of these visas for attracting economic development assistance. It will take effect on July 1, 2027.
Key provisions
- Excludes companies hiring H-1B visa holders from receiving state economic development incentives.
- Excludes companies employing individuals on Optional Practical Training (OPT) visas from receiving state economic development incentives.
- Defines ‘state economic development incentives’ to include a range of tax credits and exemptions.
- Specifies that the exclusion applies to job, employee, infrastructure, property rehabilitation, conservation, energy conservation, sales, property, and fee in lieu of property tax incentives.
Who is affected
- Businesses in South Carolina
- Companies utilizing H-1B visas
- Companies utilizing OPT visas
- Economic Development Organizations
- State Government
Notable changes
- Introduces a restriction on state economic development incentives based on visa status.
Bill text
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