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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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