South Carolina General Assembly
104th Session, 1981-1982

Bill 157

                    Current Status

Bill Number:               157
Ratification Number:       73
Act Number                 39
Introducing Body:          Senate
Subject:                   Exemption from ad valorem taxation
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(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

(A39, R73, S157)

AN ACT TO AMEND SECTION 12-37-220, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO PROPERTY EXEMPT FROM AD VALOREM TAXATION, SO AS TO EXEMPT ALL PERSONAL PROPERTY LOANED OR LEASED ON A NONPROFIT BASIS TO A STATE AGENCY, COUNTY, MUNICIPALITY, POLITICAL SUBDIVISION, OR AN ORGANIZATION EXEMPT FROM INCOME TAX UNDER SECTION 12-7-330, FOR AT LEAST THIRTY DAYS DURING THE TAX YEAR WHEN SUCH PROPERTY IS USED SOLELY FOR PUBLIC DISPLAY AND NOT FOR THE USE OF SUCH STATE AGENCY, COUNTY, MUNICIPALITY, POLITICAL SUBDIVISION, OR ORGANIZATION EXEMPT FROM INCOME TAX UNDER SECTION 12-7-330; AND TO PROVIDE THAT SUCH PROPERTY SHALL ALSO BE EXEMPTED FROM THE PROVISIONS OF SECTION 12-3-145 OF THE 1976 CODE, RELATING TO PROPERTY TAX EXEMPTIONS.

Be it enacted by the General Assembly of the State of South Carolina:

Exemption from ad valorem taxation

SECTION 1. Subsection B of Section 12-37-220 of the 1976 Code, as last amended by Act 478 of 1980, is further amended by adding the following item to be appropriately numbered:

"( ) All personal property loaned or leased on a nonprofit basis to a state agency, county, municipality, or other political subdivision, or to an organization exempt from income tax under Section 12-7-330, for at least thirty days during the tax year, so long as such personal property is used solely for the purpose of public display and not for the use of such state agency, county, municipality, or other political subdivision, or organization exempt from income tax under Section 12-7-330."

Further

SECTION 2. The provisions of subsection G of Section 12-3-145 of the 1976 Code shall also apply to the unnumbered item added to subsection B of Section 12-37-220 contained in Section 1 of this act.

When act to apply

SECTION 3. The provisions of this act shall apply to all tax years beginning after December 31, 1977.

Time effective

Section 4. This act shall take effect upon approval by the Governor.