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H. 3765

STATUS INFORMATION

General Bill
Sponsors: Rep. Kirsh
Document Path: l:\council\bills\dka\3237dw05.doc

Introduced in the House on March 15, 2005
Currently residing in the House Committee on Ways and Means

Summary: Property taxes on businesses

HISTORY OF LEGISLATIVE ACTIONS

     Date      Body   Action Description with journal page number
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   3/15/2005  House   Introduced and read first time HJ-51
   3/15/2005  House   Referred to Committee on Ways and Means HJ-51

View the latest legislative information at the LPITS web site

VERSIONS OF THIS BILL

3/15/2005

TO AMEND SECTION 12-54-43, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO CIVIL PENALTIES APPLICABLE TO TAX AND REVENUE LAW, SO AS TO PROVIDE THAT IF A TAXPAYER ASSERTS A VALUE FOR PROPERTY USED IN, OR OWNED BY, A BUSINESS FOR PROPERTY TAX PURPOSES THAT IS FIFTY PERCENT OR MORE BELOW THE PROPERTY'S PROPERTY TAX VALUE, THERE MUST BE ADDED TO THE TAX AN AMOUNT EQUAL TO FIFTY PERCENT OF THE UNDERPAYMENT WHICH WOULD HAVE RESULTED IF THE VALUE ASSERTED HAD BEEN ACCEPTED.

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

SECTION    1.    Section 12-54-43 of the 1976 Code, as last amended by Act 89 of 2001, is further amended by adding at the end:

"(L)    If a taxpayer asserts a value for property used in, or owned by, a business for property tax purposes that is fifty percent or more below the property's property tax value, there must be added to the tax an amount equal to the fifty percent of the underpayment which would have resulted if the value asserted had been accepted."

SECTION    2.    This act takes effect upon approval by the Governor and is applicable for tax years beginning after December 31, 2005.

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