A bill

 

TO AMEND THE SOUTH CAROLINA CODE OF LAWS BY ADDING SECTION 12-37-221 SO AS TO PROVIDE THAT THE FIRST THIRTY THOUSAND DOLLARS OF THE FAIR MARKET VALUE OF A SMALL BUSINESS IS EXEMPT FROM COUNTY, MUNICIPAL, SCHOOL, AND SPECIAL ASSESSMENT REAL ESTATE PROPERTY TAXES.

 

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

 

SECTION 1.  Chapter 37, Title 12 of the S.C. Code is amended by adding:

 

    Section 12-37-221. (A) For the purposes of this section, "small business" means a commercial retail service, industry entity, or nonprofit corporation, including affiliates, that:

       (1) is registered, incorporated, and headquartered in this State;

       (2) the business' ownership is comprised of residents of this State who pay income taxes in this State;

       (3) is independently owned and operated; and

       (4) employs fewer than one hundred full-time employees or has gross annual sales or program service revenues of less than ten million dollars.

    (B) In addition to the exemptions provided in Section 12-37-220(A) and (B), the first thirty thousand dollars of the fair market value of a small business is exempt from county, municipal, school, and special assessment real estate property taxes.

 

SECTION 2.  This act takes effect upon approval by the Governor.

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