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TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 12-45-77 SO AS TO ALLOW QUARTERLY PAYMENTS OF PROPERTY TAXES BY SMALL BUSINESSES AND TO DEFINE "SMALL BUSINESS".
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Chapter 45, Title 12 of the 1976 Code is amended by adding:
"Section 12-45-77. (A) Notwithstanding the due date and penalties provided pursuant to Sections 12-45-70 and 12-45-180, a small business is considered to have timely paid property taxes due if it pays installments as provided in subsection (B).
(B) Small business property taxes are timely paid if paid on the following schedule and in the following amounts:
By: January 15 April 15 June 15 September 15
At least 25 At least 25 At least 25 remaining
percent of percent of percent of balance
annual total annual total annual total
Failure to make a timely installment payment in the minimum amount renders the entire amount of the due and payable tax plus a penalty equal to fifteen percent of the entire amount due and failure to pay subjects the property to enforced collection in the manner provided by law.
(C) For purposes of this section, a 'small business' is a firm with fifty or fewer employees."
SECTION 2. This act takes effect January 1, 2004.
This web page was last updated on Thursday, June 25, 2009 at 9:35 A.M.