S 0420 General Bill, By J.M. Waddell, J.C. Hayes, Leatherman and I.E. Lourie
 A Bill to amend Section 12-37-220, as amended, Code of Laws of South Carolina,
 1976, relating to property tax exemptions, so as to delete obsolete language
 with respect to the exemption for inventories and clarify that the exemption
 applies to all inventories.

   01/09/91  Senate Introduced and read first time SJ-20
   01/09/91  Senate Referred to Committee on Finance SJ-20
   01/29/91  Senate Committee report: Favorable Finance SJ-19
   01/30/91  Senate Read second time SJ-12
   02/05/91  Senate Read third time and sent to House SJ-22
   02/06/91  House  Introduced and read first time HJ-12
   02/06/91  House  Referred to Committee on Ways and Means HJ-12

COMMITTEE REPORT

January 29, 1991

S. 420

Introduced by SENATORS Waddell, Leatherman, Lourie and Hayes

S. Printed 1/29/91--S.

Read the first time January 9, 1991.

To whom was referred a Bill (S. 420), to amend Section 12-37-220, as amended, Code of Laws of South Carolina, 1976, relating to property tax exemptions, etc., respectfully

That they have duly and carefully considered the same, and recommend that the same do pass:

JAMES M. WADDELL, JR., for Committee.

Senate Bill 420 amends Section 12-37-220 relating to property tax exemptions, so as to delete obsolete language with respect to the exemption for inventories and clarify that the exemption applies to all inventories.

This bill would have no effect on state or local revenue.

Approved By:

S. Hunter Howard, Jr.

S.C. Tax Commission

A BILL

TO AMEND SECTION 12-37-220, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO PROPERTY TAX EXEMPTIONS, SO AS TO DELETE OBSOLETE LANGUAGE WITH RESPECT TO THE EXEMPTION FOR INVENTORIES AND CLARIFY THAT THE EXEMPTION APPLIES TO ALL INVENTORIES.

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

SECTION 1. Section 12-37-220 B(30) of the 1976 Code is amended to read:

"(30) Effective for the 1988 and subsequent taxable years, all All inventories of business establishments."

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