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S. 347
STATUS INFORMATION
General Bill
Sponsors: Senators Davis, Rose, Campbell, Grooms, Cromer, Bright, Peeler and Massey
Document Path: l:\council\bills\bbm\9915htc11.docx
Companion/Similar bill(s): 3428
Introduced in the Senate on January 13, 2011
Currently residing in the Senate Committee on Finance
Summary: Property tax
HISTORY OF LEGISLATIVE ACTIONS
Date Body Action Description with journal page number ------------------------------------------------------------------------------- 1/13/2011 Senate Introduced and read first time (Senate Journal-page 9) 1/13/2011 Senate Referred to Committee on Finance (Senate Journal-page 9)
View the latest legislative information at the LPITS web site
VERSIONS OF THIS BILL
TO AMEND SECTION 12-43-220, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE CLASSIFICATION OF PROPERTY AND THE APPLICABLE ASSESSMENT RATIOS FOR PURPOSES OF IMPOSITION OF PROPERTY TAX, SO AS TO REDUCE THE ASSESSMENT RATIO ON MANUFACTURING, UTILITY, AND MINING REAL AND PERSONAL PROPERTY FROM TEN AND ONE-HALF PERCENT OF VALUE TO SIX PERCENT OF VALUE AND TO DELETE PROVISIONS MADE OBSOLETE BY THIS REDUCTION.
Whereas, Section 1(1), Article X of the Constitution of this State establishes a property tax classification for all real and personal property of manufacturing, utility, and mining property and provides for the assessment of that property at ten and one half percent of its fair market value; and
Whereas, Section 2(d), Article X of the Constitution of this State allows the General Assembly, by at least a two-thirds vote in each house, to change the assessment ratio applicable to each constitutionally provided class of property. Now, therefore,
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 12-43-220(a) of the 1976 Code, as last amended by Act 290 of 2010, is further amended to read:
"(a)(1) All real and personal property owned by or leased to manufacturers, mining operations, and utilities, and used by the manufacturer, mining operation, or utility in the conduct of the business must be taxed on an assessment equal to ten and one-half six percent of the fair market value of the property.
(2) Real property owned by or leased to a manufacturer and used primarily for research and development is not considered used by a manufacturer in the conduct of the business of the manufacturer for purposes of classification of property pursuant to this item (a). The term "research and development" means basic and applied research in the sciences and engineering and the design and development of prototypes and processes.
(3) Real property owned by or leased to a manufacturer and used primarily as an office building is not considered used by a manufacturer in the conduct of the business of the manufacturer for purposes of classification of property pursuant to this item (a) if the office building is not located on the premises of or contiguous to the plant site of the manufacturer.
(4) Real property owned by or leased to a manufacturer and used primarily for warehousing and wholesale distribution is not considered used by a manufacturer in the conduct of the business of the manufacturer for purposes of classification of property pursuant to subsection (a). For purposes of this item, the real property owned by or leased to a manufacturer and used primarily for warehousing and wholesale distribution must not be physically attached to the manufacturing plant unless the warehousing and wholesale distribution area is separated by a permanent wall."
SECTION 2. This act takes effect upon approval by the Governor and applies for property tax years beginning after 2011.
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