South Carolina General Assembly
116th Session, 2005-2006

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H. 4512

STATUS INFORMATION

General Bill
Sponsors: Rep. Huggins
Document Path: l:\council\bills\gjk\20725sd06.doc

Introduced in the House on January 25, 2006
Currently residing in the House Committee on Ways and Means

Summary: Nonprofit housing corporation

HISTORY OF LEGISLATIVE ACTIONS 

     Date      Body   Action Description with journal page number
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   1/25/2006  House   Introduced and read first time HJ-19
   1/25/2006  House   Referred to Committee on Ways and Means HJ-19

View the latest legislative information at the LPITS web site

VERSIONS OF THIS BILL

1/25/2006

(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

A BILL

TO AMEND SECTION 12-37-220, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO GENERAL EXEMPTIONS FROM AD VALOREM PROPERTY TAXES, SO AS TO REVISE THE EXEMPTION OF PROPERTY OF NONPROFIT HOUSING CORPORATIONS WHICH ARE DEVOTED TO PROVIDING HOUSING TO LOW OR VERY LOW INCOME RESIDENTS.

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

SECTION    1.    Section 12-37-220(B)(11)(e) of the 1976 Code, as added by Act 334 of 2002, is amended to read:

"(e)    All property of nonprofit housing corporations or solely-owned nonprofit instrumentalities of these corporations which is devoted to providing housing to low or very low income residents. A nonprofit housing corporation must satisfy the safe harbor provisions of Revenue Procedure 96-32 issued by the Internal Revenue Service to qualify for this exemption.

SECTION    2.    The provisions of Section 1 of this act apply for calendar years beginning after December 31, 2005.

SECTION    3.    This act takes effect upon approval by the Governor.

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