H*2512(Rat #0177, Act #0126 of 1981)  General Bill, By T.G. Mangum, 
B.L. Hendricks, S.H. Howard and Kirsh

Similar(S 266)
 A Bill to amend Section 12-7-930, Code of Laws of South Carolina, 1976,
 relating to gains or losses on certain property exchanges and the basis of
 property received in such exchanges, so as to provide that like property
 received in a nontaxable exchange shall have a situs in this State to qualify
 as a nontaxable exchange.

   03/05/81  House  Introduced and read first time HJ-1031
   03/05/81  House  Referred to Committee on Ways and Means HJ-1031
   03/12/81  House  Committee report: Favorable Ways and Means HJ-1187
   04/02/81  House  Debate adjourned HJ-1661
   04/08/81  House  Debate adjourned HJ-1723
   04/09/81  House  Read second time HJ-1770
   04/14/81  House  Read third time and sent to Senate HJ-1827
   04/15/81  Senate Introduced and read first time SJ-19
   04/15/81  Senate Referred to Committee on Finance SJ-19
   05/27/81  Senate Committee report: Favorable with amendment
                     Finance SJ-23
   05/28/81  Senate Amended SJ-16
   05/28/81  Senate Read second time SJ-16
   05/28/81  Senate Ordered to third reading with notice of
                     amendments SJ-16
   06/02/81  Senate  Read third time SJ-13
   06/02/81  Senate Returned SJ-13
   06/11/81  House  Concurred in Senate amendment and enrolled HJ-3210
   06/23/81  House  Ratified R 177 HJ-3330
   06/25/81         Signed By Governor
   06/25/81         Effective date 06/25/81
   06/25/81         Act No. 126
   07/07/81         Copies available

AN ACT TO AMEND SECTION 12-7-930, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO GAINS OR LOSSES ON CERTAIN PROPERTY EXCHANGES AND THE BASIS OF PROPERTY RECEIVED IN SUCH EXCHANGES, SO AS TO PROVIDE THAT LIKE PROPERTY RECEIVED IN A NONTAXABLE EXCHANGE SHALL HAVE A SITUS IN THIS STATE TO QUALIFY AS A NONTAXABLE EXCHANGE.

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

Qualification of a nontaxable exchange

Section 1. Section 12-7-930 of the 1976 Code is amended by adding at the end:

"Like property received in a nontaxable exchange shall have a situs in this State in order to qualify under this section."

Applicability of Section 12-7-930

Section 2. The provisions of Section 12-7-930 of the 1976 Code, as amended by the provisions of Section 1 of this act, shall be applicable to all taxable years beginning on or after December 31, 1981.

Time effective

Section 3. This act shall take effect upon approval by the Governor.