South Carolina S 206: Economic Incentive Repeal

Bill Text

2025-2026 Bill 206 Text of Previous Version (Jan. 15, 2025) - South Carolina Legislature Online 

South Carolina General Assembly
126th Session, 2025-2026

Bill 206

Indicates Matter Stricken
Indicates New Matter

(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

A bill

TO AMEND THE SOUTH CAROLINA CODE OF LAWS TO REPEAL THE 
ECONOMIC INCENTIVES CONTAINED IN ACT 83 OF 2019 FOR THE PROPOSED CAROLINA 
PANTHERS PRACTICE FACILITY IN YORK COUNTY.

Be it enacted by the 
General Assembly of the State of South Carolina:

SECTION 1. Section 12-6-3360(A) of the S.C. Code is amended to 
read:

 (A) Taxpayers that operate 
manufacturing, tourism, processing, agricultural packaging, warehousing, 
distribution, research and development, corporate office, qualifying 
service-related facilities, agribusiness operations, extraordinary retail 
establishment, professional sports teams, and 
qualifying technology intensive facilities, and banks as defined pursuant to 
this title are allowed an annual jobs tax credit as provided in this section. 
In addition, taxpayers that operate retail facilities and service-related 
industries qualify for an annual jobs tax credit in counties designated as 
"Tier IV". As used in this section, "corporate office" includes general 
contractors licensed by the South Carolina Department of Labor, Licensing and 
Regulation. Credits pursuant to this section may be claimed against income 
taxes imposed by Section 12-6-510 or 12-6-530, bank taxes imposed pursuant to 
Chapter 11 of this title, and insurance premium taxes imposed pursuant to 
Chapter 7, Title 38, and are limited in use to fifty percent of the taxpayer's 
South Carolina income tax, bank tax, or insurance premium tax liability. In 
computing a tax payable by a taxpayer pursuant to Section 38-7-90, the credit 
allowable pursuant to this section must be treated as a premium tax paid pursuant 
to Section 38-7-20.

SECTION 2. Section 12-6-3360(M) of the S.C. Code is amended to 
read:

 (M) As used in this section:

 (1) 
"Taxpayer" means a sole proprietor, partnership, corporation of any 
classification, limited liability company, or association taxable as a business 
entity that is subject to South Carolina taxes as contained in Section 
12-6-510, Section 12-6-530, Chapter 11, Title 12, or Chapter 7, Title 38.

 (2) 
"Appropriate agency" means the Department of Revenue, except that for taxpayers 
subject to the premium tax imposed by Chapter 7, Title 38, it means the 
Department of Insurance.

 (3) 
"New job" means a job created in this State at the time a new facility or an 
expansion is initially staffed. Except as otherwise provided in this item, the 
term does not include a job created when an employee is shifted from an 
existing location in this State to a new or expanded facility whether the 
transferred job is from, or to, a facility of the taxpayer or a related person. 
However, for a professional sports team, "new job" means 
all jobs located at the professional sports team park regardless of whether an 
employee previously worked at an existing location in this State before 2019 as 
an employee of the same professional sports team. A related person 
includes any entity or person that bears a relationship to the taxpayer as 
described in Section 267 of the Internal Revenue Code. However, this exclusion 
of a new job created by employee shifting does not extend to a job created at a 
new or expanded facility located in a county in which is located an "applicable 
federal facility" as defined in Section 12-6-3450(A)(1)(b). The term "new job" 
also includes an existing job at a facility of an employer which is reinstated 
after the employer has rebuilt the facility due to:

 (a) 
its destruction by accidental fire, natural disaster, or act of God;

 (b) 
involuntary conversion as a result of condemnation or exercise of eminent 
domain by the State or any of its political subdivisions or by the federal 
government.

 Destruction for 
purposes of this provision means that more than fifty percent of the facility 
was destroyed. For purposes of this section, involuntary conversion as a result 
of condemnation or exercise of eminent domain includes a legally binding 
agreement for the purchase of a facility of an employer entered into between an 
employer and the State of South Carolina or a political subdivision of the 
State under threat of exercise of eminent domain by the State or its political 
subdivision.

 The year of 
reinstatement is the year of creation of the job. All reinstated jobs qualify 
for the credit pursuant to this section, and a comparison is not required to be 
made between the number of full-time jobs of the employer in the taxable year 
and the number of full-time jobs of the employer with the corresponding period 
of the prior taxable year.

 (4) 
"Full-time" means a job requiring a minimum of thirty-five hours of an 
employee's time a week for the entire normal