Joint industrial parks
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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 modifies South Carolina law regarding joint industrial and business parks. It requires that any school district affected by a joint park receives the same amount of property tax revenue it would have received if the park hadn’t been established. Additionally, any other taxing entities not consenting to the park’s creation must also receive the same share of property tax revenue.
Key provisions
- Requires affected school districts to receive the same property tax revenue as if the joint park didn’t exist.
- Requires consent from municipalities and other taxing entities before creating a multi-county industrial park.
- If a taxing entity doesn’t consent, it must receive the same property tax revenue as it would have without the park.
- Addresses revenue distribution within participating counties.
- Specifies that the act takes effect upon Governor approval.
Who is affected
- School Districts
- Local Municipalities
- County Governments
- Taxing Entities (excluding consenting ones)
- Businesses locating in industrial parks
Notable changes
- Mandates equal property tax revenue distribution for affected school districts.
- Introduces a requirement for consent from municipalities and other taxing entities.
Bill text
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Sponsors
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1 on record
Primary sponsor
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