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.
S.C. Code Ann. § 12-10-90
Levels of capital investment or employment in revitalization agreement; failure to achieve levels and effect thereof
Known as the Enterprise Zone Act
The act spans §§ 12–12 (18 sections).
Applied in 1 court decision — leading case ESA Services, LLC v. South Carolina Department of Revenue (2011)
Most recently applied in ESA Services, LLC v. South Carolina Department of Revenue (January 2011)
1995 Act No. 25, SECTION 1; 1996 Act No. 462, SECTION 18.
Official source: South Carolina Legislature. Reproduced from public-domain South Carolina statutes; confirm against the official source for the current text. Not legal advice.