S*1263(Rat #0307, Act #0279 of 2000)  General Bill, By Leatherman
 A BILL TO AMEND SECTION 4-29-67, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA,
 1976, RELATING TO THE FEE IN LIEU OF PROPERTY TAXES ALLOWED FOR CERTAIN
 INDUSTRIAL DEVELOPMENT PROJECTS, SO AS TO PROVIDE AN ALTERNATIVE METHOD FOR
 DETERMINING THE FAIR MARKET VALUE OF A PHARMACEUTICAL COMPANY PROJECT WITH
 MORE THAN A FOUR HUNDRED MILLION DOLLAR INVESTMENT.

   03/21/00  Senate Introduced and read first time SJ-8
   03/21/00  Senate Referred to Committee on Finance SJ-8
   04/13/00  Senate Recalled from Committee on Finance SJ-3
   04/19/00  Senate Read second time SJ-27
   04/19/00  Senate Ordered to third reading with notice of
                     amendments SJ-27
   04/20/00  Senate Read third time and sent to House SJ-20
   04/25/00  House  Introduced, read first time, placed on calendar
                     without reference HJ-13
   04/27/00  House  Read second time HJ-36
   04/27/00  House  Unanimous consent for third reading on next
                     legislative day HJ-36
   04/28/00  House  Read third time and enrolled HJ-2
   05/16/00         Ratified R 307
   05/19/00         Signed By Governor
   05/19/00         Effective date 05/19/00 and applies to fee
                     payments due after 06/30/00
   06/08/00         Copies available
   06/08/00         Act No. 279

AN ACT TO AMEND SECTION 4-29-67, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE FEE IN LIEU OF PROPERTY TAXES ALLOWED FOR CERTAIN INDUSTRIAL DEVELOPMENT PROJECTS, SO AS TO PROVIDE AN ALTERNATIVE METHOD FOR DETERMINING THE FAIR MARKET VALUE OF A PHARMACEUTICAL COMPANY PROJECT WITH MORE THAN A FOUR HUNDRED MILLION DOLLAR INVESTMENT.

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

Alternate fair market value

SECTION 1. Section 4-29-67 of the 1976 Code, as last amended by Act 114 of 1999, is further amended by adding a new subsection at the end to read:

"(BB) Notwithstanding any other provision of this section, the fair market value of property of a pharmaceutical company investing more than four hundred million dollars in one county in this State is the lower of the fair market value estimate (1) as determined pursuant to subsection (D)(2)(a)(i) or (ii), or (2) as determined by the county in which the investment is located as follows:

(a) for real property, using the original income tax basis for South Carolina income tax purposes without regard to depreciation, less any such basis amount attributable to cost overruns, including capitalized interest overruns; and

(b) for personal property, using the original income tax basis for South Carolina income tax purposes, less any such basis amount attributable to cost overruns, including capitalized interest overruns, and less depreciation allowable for property tax purposes, except that the investor is not entitled to any extraordinary obsolescence.

This subsection applies only to property placed in service before January 1, 2000."

Time effective

SECTION 2. This act takes effect upon approval by the Governor and applies to fee payments due after June 30, 2000.

Ratified the 16th day of May, 2000.

Approved the 19th day of May, 2000.