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COMMITTEE REPORT
March 15, 2005
S. 209
S. Printed 3/15/05--S.
Read the first time January 12, 2005.
To whom was referred a Bill (S. 209) to amend Section 12-37-220, as amended, Code of Laws of South Carolina, 1976, relating to property tax exemptions, so as to extend the exemption, etc., respectfully
That they have duly and carefully considered the same and recommend that the same do pass with amendment:
Amend the bill, as and if amended, striking Section 12-37-220(B)(19) as contained in Section 1, page 1, and inserting:
/ (19) All property owned by volunteer fire departments and rescue squads used exclusively for the purposes of such these departments and squads. Property leased to a department or squad by an entity itself exempt from property tax is exempt in the same manner that property owned by these departments and squads is exempt. /
Renumber sections to conform.
Amend title to conform.
HUGH K. LEATHERMAN, SR. for Committee.
REVENUE IMPACT 1/
This bill is not expected to have an impact on state revenues. Local property tax revenues are expected to decrease by an estimated $23,000 in FY 2006.
Explanation
Under current law, all property owned by volunteer fire departments and rescue squads used exclusively for the purposes of such departments and squads is exempt from ad valorem taxes. This bill would extend this exemption to property that is leased to volunteer fire departments and rescue squads used exclusively for the purposes of such departments.
Data from the Department of Revenue show that 321 parcels of land and or buildings associated with volunteer fire departments and rescue squads are certified as being exempt from property taxes for 2005 under current law. These 94 parcels included approximately 400 acres of land. There were also 338 vehicles certified as being exempt from property taxes for 2005 under current law. Expanding this exemption to include leased property is expected to reduce local property tax revenue by an estimated $23,000 in FY 2006.
Approved By:
William C. Gillespie
Board of Economic Advisors
1/ This statement meets the requirement of Section 2-7-71 for a state revenue impact by the BEA, or Section 2-7-76 for a local revenue impact or Section 6-1-85(B) for an estimate of the shift in local property tax incidence by the Office of Economic Research.
TO AMEND SECTION 12-37-220, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO PROPERTY TAX EXEMPTIONS, SO AS TO EXTEND THE EXEMPTION ALLOWED PROPERTY OWNED BY VOLUNTEER FIRE DEPARTMENTS AND RESCUE SQUADS TO PROPERTY LEASED BY SUCH DEPARTMENTS AND SQUADS.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 12-37-220(B)(19) of the 1976 Code is amended to read:
"(19) All property owned by or leased to volunteer fire departments and rescue squads used exclusively for the purposes of such departments and squads."
SECTION 2. This act takes effect upon approval by the Governor and applies for property tax years beginning after June 30, 2005.
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