South Carolina Statutes
§ 12-10-82 — Irrevocable assignment of future payments.
(A)At the time the qualifying business enters into a revitalization agreement, it may make, with the approval of council, an irrevocable assignment of future payments attributable to the job development credit made pursuant to this chapter to the designated trustee or designee.
(B)For purposes of this section:
(1)"designated trustee" means the single financial institution designated by the council to receive all assignments of payments made pursuant to this chapter and to the terms of an agreement entered into by the qualifying business; and (2) "other designee" means a taxpayer that receives a minimum of seventy percent of the goods or services produced by the qualifying business at the project.
(C)The election must be made on a form provided by the department, including a waiver of c
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Legislative History
HISTORY: 2000 Act No. 399, SECTION 3(A)(2), eff August 17, 2000; 2004 Act No. 227, SECTION 3.E, eff May 11, 2004.
Nearby Sections
15
§ 12-10-10
Short title.§ 12-10-105
Annual fees.§ 12-10-110
Construction of chapter.§ 12-10-20
Legislative intent.§ 12-10-30
Definitions.§ 12-10-50
Qualification for benefits.§ 12-10-60
Revitalization agreement.§ 12-10-80
Job development credits.§ 12-10-81
Job development tax credits.