South Carolina General Assembly
121st Session, 2015-2016

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H. 4229

STATUS INFORMATION

General Bill
Sponsors: Reps. Pope, Stringer, Herbkersman, Felder, Thayer, Merrill, Newton, Horne, Corley and Long
Document Path: l:\council\bills\dka\3105sa15.docx

Introduced in the House on May 26, 2015
Currently residing in the House Committee on Ways and Means

Summary: Property tax exemptions

HISTORY OF LEGISLATIVE ACTIONS 

     Date      Body   Action Description with journal page number
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   5/26/2015  House   Introduced and read first time (House Journal-page 14)
   5/26/2015  House   Referred to Committee on Ways and Means 
                        (House Journal-page 14)

View the latest legislative information at the website

VERSIONS OF THIS BILL

5/26/2015

(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 PROPERTY TAX EXEMPTIONS, SO AS TO EXEMPT FROM PROPERTY TAX FORTY-TWO AND SEVENTY-FIVE ONE HUNDREDTHS PERCENT OF THE FAIR MARKET VALUE OF MANUFACTURING PROPERTY, TO EXEMPT FROM PROPERTY TAX FORTY-TWO AND SEVENTY-FIVE ONE HUNDREDTHS PERCENT OF THE FAIR MARKET VALUE OF BUSINESS PERSONAL PROPERTY REQUIRED TO BE REPORTED AND RETURNED ANNUALLY TO THE DEPARTMENT OF REVENUE OR COUNTY AUDITORS, AND TO PHASE IN THESE EXEMPTIONS OVER FOUR YEARS.

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

SECTION    1.    A.     Section 12-37-220(B) of the 1976 Code, as last amended by Act 259 of 2014, is further amended by adding a new item at the end to read:

"( )    Forty-two and seventy-five one hundredths percent of the property tax value, as defined pursuant to Section 12-37-3135(A)(5) of manufacturing property assessed for property tax purposes pursuant to Section 12-43-220(a)(1)."

B.    Notwithstanding the exemption amount allowed pursuant to the unnumbered item added pursuant to subsection A of this section, the percentage exemption amount is phased in in four equal and cumulative percentage installment amounts of 10.6875 percent applicable for property tax years beginning after 2015.

SECTION    2.    A. Section 12-37-220(B) of the 1976 Code, as last amended by Act 259 of 2014, is further amended by adding a new item at the end to read:

"( )    Forty-two and seventy-five one hundredths percent of the property tax value of business personal property required to be reported and returned annually to the Department of Revenue or county auditors assessed for property tax purposes pursuant to Section 12-43-220(f)."

B.    Notwithstanding the exemption amount allowed pursuant to the unnumbered item added pursuant to subsection A of this section, the percentage exemption amount is phased in in four equal and cumulative percentage installment amounts of 10.6875 percent applicable for property tax years beginning after 2015.

SECTION    3.    This act takes effect upon approval by the Governor and applies for property tax years beginning after 2015.

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This web page was last updated on May 27, 2015 at 5:01 PM