Current Status Bill Number:View additional legislative information at the LPITS web site.2647 Ratification Number:488 Act Number:419 Introducing Body:House Subject:Relating to classification of property and assessment ratios for purposes of ad valorem taxation
(A419, R488, H2647)
AN ACT TO AMEND SECTION 12-43-220, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO CLASSIFICATION OF PROPERTY AND ASSESSMENT RATIOS FOR PURPOSES OF AD VALOREM TAXATION, SO AS TO EXCLUDE FROM THE MANUFACTURING AND UTILITY PROPERTY CLASSIFICATION REAL PROPERTY OWNED BY OR LEASED TO A MANUFACTURER AND USED PRIMARILY FOR RESEARCH AND DEVELOPMENT AND TO PROVIDE A DEFINITION FOR RESEARCH AND DEVELOPMENT AND TO EXCLUDE FROM THE MANUFACTURING AND UTILITY PROPERTY CLASSIFICATION REAL PROPERTY OWNED BY OR LEASED TO A MANUFACTURER USED PRIMARILY AS AN OFFICE BUILDING IF THE BUILDING IS NOT LOCATED ON THE PREMISES OF OR CONTIGUOUS TO THE PLANT SITE.
Be it enacted by the General Assembly of the State of South Carolina:
Classification of property assessment ratios
SECTION 1. Item (a) of Section 12-43-220 of the 1976 Code is amended to read:
"(a) All real and personal property owned by or leased to manufacturers and utilities and used by the manufacturer or utility in the conduct of the business, must be taxed on an assessment equal to ten and one-half percent of the fair market value of the property.
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 under item (a) of this section. The term 'research and development' means basic and applied research in the sciences and engineering, and the design and development of prototypes and processes.
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 under item (a) of this section if the office building is not located on the premises of or contiguous to the plant site of the manufacturer."
Time effective
SECTION 2. This act shall take effect upon approval by the Governor.