South Carolina General Assembly
122nd Session, 2017-2018

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Indicates Matter Stricken
Indicates New Matter

S. 72

STATUS INFORMATION

General Bill
Sponsors: Senators Bennett and Hembree
Document Path: l:\s-res\sb\001prop.eb.sb.docx

Introduced in the Senate on January 10, 2017
Currently residing in the Senate Committee on Finance

Summary: Property tax exemptions

HISTORY OF LEGISLATIVE ACTIONS

     Date      Body   Action Description with journal page number
-------------------------------------------------------------------------------
  12/13/2016  Senate  Prefiled
  12/13/2016  Senate  Referred to Committee on Finance
   1/10/2017  Senate  Introduced and read first time (Senate Journal-page 48)
   1/10/2017  Senate  Referred to Committee on Finance (Senate Journal-page 48)

View the latest legislative information at the website

VERSIONS OF THIS BILL

12/13/2016

(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

A BILL

TO AMEND SECTION 12-37-220 OF THE 1976 CODE, RELATING TO PROPERTY TAX EXEMPTIONS, TO EXEMPT FROM PROPERTY TAX FORTY-TWO AND SEVENTY-FIVE ONE HUNDREDTHS PERCENT OF THE FAIR MARKET VALUE OF MANUFACTURING PROPERTY, AND TO PHASE IN THE EXEMPTION OVER FIVE YEARS.

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

SECTION    1.    A.    Section 12-37-220(B) of the 1976 Code is amended by adding an appropriately numbered new item at the end to read:

"( )    Forty-two and seventy-five one hundredths percent of the property tax value, as defined pursuant to Section 12-37-3135(A)(5), of manufacturing property assessed for property tax purposes, pursuant to Section 12-43-220(a)(1)."

B.    Notwithstanding the exemption amount allowed pursuant to the unnumbered item added to subsection A of this section, the percentage exemption amount is phased-in in five equal and cumulative percentage installment amounts of 8.55 percent applicable for property tax years beginning after 2015.

SECTION    2.    This act takes effect upon approval by the Governor.

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This web page was last updated on January 11, 2017 at 2:55 PM