The bill S. 1044 proposes amendments to the South Carolina Code of Laws, specifically targeting Section 12-10-88 regarding redevelopment fees. The amendments aim to eliminate the annual maximum cap on redevelopment fees that can be remitted by the Department of Revenue and to remove a sunset provision that previously limited the duration of these fees. Additionally, the bill extends the definition of "closed or realigned federal installation" to include federal defense sites with significant job reductions until June 30, 2043, rather than the previously set date of January 1, 2028.

Furthermore, the bill amends Act 356 of 2002 by deleting a provision that required the sharing of certain revenues related to the Charleston Naval Complex Redevelopment Authority. This change allows for a more streamlined process in the conveyance of property from the federal government to the City of North Charleston, ensuring that all properties retain their Tax Increment Finance District status and any associated state or federal grants. The act will take effect upon approval by the Governor.

Statutes affected:
03/24/2026: 12-10-88
Latest Version: 12-10-88