Replacement property is placed under the fee agreement to replace economic development property previously subject to the fee agreement. For more information about replacement property, please refer to SC Code Section 12-44-60.

The commencement date is the last day of the property tax year during which economic development property is placed in service.

The last day of the property tax year, which is three years from the year in which the county and the sponsor enter into a fee agreement, is the maximum amount of time allowed before the inception of the investment period.

Investment period means the period beginning with the first day that economic development property is purchased or acquired and ending five years after the commencement date; except that for a project with an enhanced investment, the period ends eight years after the commencement date. The minimum investment must be completed within five years of the commencement date. For an enhanced investment, the applicable minimum investment and job requirements must be completed within eight year of the commencement date.​

Economic development property means each item of real and tangible personal property comprising a project which satisfies the provisions of Section 12-44-40(C) and other requirements of that chapter and is subject to a fee agreement. That property, other than replacement property qualifying under Section 12-44-60, must be placed in service by the end of the investment period.​

Please see SC Code Section 12-44-110.​

​Indicate your account closure on your final tax return by selecting Close Account, Business Permanently Closed, Final, or something similar.​