The bill H. 3354 aims to amend the South Carolina Code of Laws by adding Section 2-1-260, which mandates that nonprofit corporations with an annual gross revenue exceeding one billion dollars must prepare and present a report if they impose a reduction in force affecting more than one hundred employees. This report must detail the economic and procedural benefits available to the nonprofit due to its status, including their monetary value, the necessity of these benefits for operations, and the justification for the workforce reduction. The report is required to be submitted to the Senate Finance Committee, the House Ways and Means Committee, and the local governing body of each county where the nonprofit operates within thirty days of the reduction in force.

Additionally, the bill specifies that the committees and local governing bodies must place the report on their meeting agendas within sixty days of receipt, and if the General Assembly is not in session, the report must be addressed within sixty days of the session's commencement. The bill defines "economic and procedural benefits" to include various tax-related advantages and clarifies that a reduction in force refers to the elimination of positions without the intention of replacement. The act will take effect upon approval by the Governor.

Statutes affected:
12/05/2024: 2-1-260
Latest Version: 2-1-260