Current Status Bill Number:3879 Type of Legislation:General Bill GB Introducing Body:House Introduced Date:19970409 Primary Sponsor:Bowers All Sponsors:Bowers Drafted Document Number:dka\4309mm.97 Residing Body:House Current Committee:Ways and Means Committee 30 HWM Subject:Property tax exemptions, new businesses in state; Taxation, Businesses and Corporations
Body Date Action Description Com Leg Involved
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House 19970409 Introduced, read first time, 30 HWM
referred to Committee
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TO AMEND SECTION 12-37-220, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO PROPERTY TAX EXEMPTIONS, SO AS TO GRANT AN EXEMPTION TO CERTAIN NEW BUSINESSES IN THIS STATE.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 12-37-220(B) of the 1976 Code, as last amended by Act 462 of 1996, is further amended by adding an appropriately numbered item to read:
"( ) personal property otherwise taxable except that it is owned by a business which initiates operation in this State after July 1, 1997, or had been in operation less than twelve months before that date, and has not or does not qualify for economic assistance, tax credits, or other incentives available pursuant to any other economic development act provided in this State. This exemption is effective for the first five years of its operation."
SECTION 2. Upon approval by the Governor, this act takes effect July 1, 1997.