S.C. Code § 33-37-1070

Current through 2024 Act No. 225.

Section 33-37-1070 - Disposition of earnings and interest on state fund account and loss reserve account

Earnings or interest from the principal of the state fund account and the loss reserve account must be paid monthly to BDC. In the event the interest paid to the BDC amounts to less than fifty thousand dollars in any year, the difference between the amount paid from interest and fifty thousand dollars must be paid to the BDC from the state fund account, if available, in January of the following year:

(1) as compensation for its administration and management of the CAP and the accounts; and

(2) for economic development in South Carolina for the purposes and within the meanings set forth in this chapter and in the corporate charter of BDC.

S.C. Code § 33-37-1070

Amended by 2015 S.C. Acts, Act No. 60 (SB 389), s 1, eff. 6/4/2015.

2005 Act No. 157, Section 4.A, eff 6/10/2005, applicable for taxable years beginning January 1, 2006.