Signed by Governor Henry McMaster

Vote Smart's Synopsis:

Vote to pass a bill that authorizes state tax incentives for the Carolina Panthers headquarters and training facility construction.

Highlights:

• Authorizes taxpayers that operate professional sports teams an annual jobs tax credit (Sec. 1).

• Prohibits any county license fee or tax from being levied on a professional sports team within the state (Sec. 2).

• Exempts a business engaged in operating a professional sports team in the state from being subject to pay the business license tax (Sec. 3).

• Increases temporary tax credits for each new full-time job created in “Tier IV” counties from $8,000 to $25,000 dollars if they increase employment by ten or more full-time jobs (Sec. 8)

• Increases temporary tax credits for each new full-time job created in “Tier III” counties from $4,250 to $20,250  if they increase employment by ten or more full-time jobs (Sec. 8)

• Requires that if the taxpayer with 99 or fewer employees increases employment by 2 or more full-time jobs, but the gross wages don’t amount to a minimum of 120% of the county’s or state’s average per capita income (whichever one is lower) then the amount of the initial job credit is reduced by 50% (Sec. 8).

• Requires for something to meet the definition of “professional sports team” that the team or club is primarily engaged in participating in live sporting events before a paying audience with an annual payroll for federal tax purposes of no less than $190 million and no less than 155 full-time employees in the state (Sec. 1).

• Defines “members of a professional sports team” as the active players, players on the disabled list, and any other persons required to travel and who do travel with and perform services on behalf of the professional sports team on a regular basis, including coaches, managers, and trainers (Sec. 1).

• Defines a “professional sports team park” as a sports facility designed for use primarily as a professional park or stadium, and such a facility may include without limitation things such as (Sec. 1):

• Practice fields;

• Parking areas and facilities;

• Office facilities for team use or other users of the facility as authorized by the professional sports team;

• Other necessary support facilities for the sports facility; and

• The landscaped grounds surrounding the park, stadium, and ancillary facilities.

• Defines “new job” for professional sports teams as all jobs located at the professional sports team park regardless of whether an employee previously worked at an existing location in the state before 2019 as an employee of the same professional sports team (Sec. 1).

• Defines “full time” for members of a professional sports team as a job requiring a minimum of 180 days of an employee’s time a year of which at least 80% of those days must be spent at a professional sports team park located in South Carolina (Sec. 1).

• Defines “professional sports team” as a professional sports team or club included in a professional league, such as the following, including, but not limited to (Sec. 1):

• The National Football League (NFL);

• The National Association of Stock Car Racing; or

• The National Basketball Association (NBA).

• Specifies that this act will go into effect immediately upon the governor’s approval (Sec. 12).

Vote Smart's Synopsis:

Vote to pass a bill that authorizes state tax incentives for the Carolina Panthers headquarters and training facility construction.

Highlights:

• Prohibits any county license fee or tax from being levied on a professional sports team within the state (Sec. 2).

• Exempts a business engaged in operating a professional sports team in the state from being subject to pay the business license tax (Sec. 3).

• Defines “professional sports team” as a sports team or club included in a professional league, such as the following, including, but not limited to (Sec. 1):

• The National Football League (NFL);

• The National Association of Stock Car Racing; or

• The National Basketball Association (NBA).

• Specifies that this act will go into effect immediately upon the governor’s approval (Sec. 6).

Full Bill Text