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 annual gross revenues exceeding one billion dollars must prepare and present a detailed report if they impose a reduction in force affecting more than one hundred employees. This report must outline all economic and procedural benefits available to the nonprofit due to its status, including their monetary value, the necessity of each benefit 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 the counties 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. If the General Assembly is not in session, the report must be addressed within sixty days of the session's commencement. The bill also 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 the Governor's approval.

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