South Carolina General Assembly
109th Session, 1991-1992

Bill 420

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Indicates New Matter 

                    Current Status

Introducing Body:               Senate
Bill Number:                    420
Primary Sponsor:                Waddell
Committee Number:               30
Type of Legislation:            GB
Subject:                        Inventories, property tax
                                exempt
Residing Body:                  House
Current Committee:              Ways and Means
Companion Bill Number:          3278
Computer Document Number:       JIC/5152.HC
Introduced Date:                Jan 09, 1991
Last History Body:              House
Last History Date:              Feb 06, 1991
Last History Type:              Introduced, read first time,
                                referred to Committee
Scope of Legislation:           Statewide
All Sponsors:                   Waddell
                                Leatherman
                                Lourie
                                Hayes
Type of Legislation:            General Bill
History


 Bill  Body    Date          Action Description              CMN
 ----  ------  ------------  ------------------------------  ---
 420   House   Feb 06, 1991  Introduced, read first time,    30
                             referred to Committee
 420   Senate  Feb 05, 1991  Read third time, sent to House
 420   Senate  Jan 30, 1991  Read second time
 420   Senate  Jan 29, 1991  Committee Report: Favorable     06
 420   Senate  Jan 09, 1991  Introduced and read first       06
                             time, referred to Committee
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(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

Indicates Matter Stricken
Indicates New Matter

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.

THE COMMITTEE ON FINANCE

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

REPORT:

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

JAMES M. WADDELL, JR., for Committee.

STATEMENT OF ESTIMATED FISCAL IMPACT

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.

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