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TO AMEND SECTION 12-37-220, AS AMENDED, RELATING TO PROPERTY TAX EXEMPTIONS, SO AS TO EXEMPT ALL REAL AND PERSONAL PROPERTY OWNED BY A NOT-FOR-PROFIT STATE OR COUNTY FAIR ASSOCIATION.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 12-37-220(B) of the 1976 Code, as amended by Act 116 of 2007, is further amended by adding an appropriately numbered new item at the end to read:
"( ) all real and personal property owned by a state or county fair association or society operating as a not-for-profit entity."
SECTION 2. This act takes effect upon approval by the Governor and applies for property tax years beginning after 2007.
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