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Current Status Bill Number:View additional legislative information at the LPITS web site.4979 Type of Legislation:General Bill GB Introducing Body:House Introduced Date:20020326 Primary Sponsor:Davenport All Sponsors:Davenport Drafted Document Number:l:\council\bills\bbm\10962htc02.doc Residing Body:House Current Committee:Ways and Means Committee 30 HWM Subject:Eminent Domain Procedure Act; property or improvements located on condemned property excluded from gross income gain received by the taxpayer pursuant to the Act History Body Date Action Description Com Leg Involved ______ ________ ______________________________________ _______ ____________ House 20020326 Introduced, read first time, 30 HWM referred to Committee Versions of This Bill
TO AMEND SECTION 12-6-1120, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO MODIFICATIONS TO GROSS INCOME FOR PURPOSES OF THE SOUTH CAROLINA INCOME TAX ACT, SO AS TO EXCLUDE FROM SOUTH CAROLINA GROSS INCOME GAIN RECEIVED BY THE TAXPAYER FOR REAL PROPERTY AND ANY IMPROVEMENTS LOCATED THEREON CONDEMNED PURSUANT TO CHAPTER 2 OF TITLE 28, THE SOUTH CAROLINA EMINENT DOMAIN PROCEDURE ACT.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 12-6-1120 of the 1976 Code, as last amended by Act 399 of 2000, is further amended by adding an item at the end to read:
"(11) South Carolina gross income does not include gain received by the taxpayer for real property and any improvements located on the property which has been condemned pursuant to Chapter 2 of Title 28, the South Carolina Eminent Domain Procedure Act."
SECTION 2. Upon approval by the Governor, this act is effective for taxable years beginning after 2001.
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