South Carolina § 12-62-55 Assignment of rebate payments to designated trustee; election form; time for filing for assignment.

South Carolina Statutes

§ 12-62-55 — Assignment of rebate payments to designated trustee; election form; time for filing for assignment.

South Carolina § 12-62-55

Title 12TAXATION

Ch. 62SOUTH CAROLINA MOTION PICTURE INCENTIVE ACT

This text of South Carolina § 12-62-55 (Assignment of rebate payments to designated trustee; election form; time for filing for assignment.) is published on Counsel Stack Legal Research, covering South Carolina primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

S.C. Code Ann. § 12-62-55 (2026).

Text

At the time the motion picture production company is certified by the department, it may make an irrevocable assignment of future payments attributable to the rebates made pursuant to Section 12-62-40 or 12-62-50 to a designated trustee. For purposes of this chapter, "designated trustee" means the single financier or 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 motion picture production company. If a qualifying motion picture production company elects to assign payments to the designated trustee, the election must be made on a form provided by the department, including a waiver of confidentiality pursuant to Section 12-54-240, and the payments may be paid 

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At the time the motion picture production company is certified by the department, it may make an irrevocable assignment of future payments attributable to the rebates made pursuant to Section 12-62-40 or 12-62-50 to a designated trustee. For purposes of this chapter, "designated trustee" means the single financier or 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 motion picture production company. If a qualifying motion picture production company elects to assign payments to the designated trustee, the election must be made on a form provided by the department, including a waiver of confidentiality pursuant to Section 12-54-240, and the payments may be paid only to the designated trustee. The qualifying motion picture production company must file an application for the assignment with the director no later than thirty days after filming begins in South Carolina.

Legislative History

HISTORY: 2005 Act No. 56, SECTION 1, eff May 9, 2005, applicable to taxable years beginning July 1, 2004; 2008 Act No. 313, SECTION 7, eff June 12, 2008; 2008 Act No. 359, SECTION 4, eff July 1, 2008.