Current Status Introducing Body:House Bill Number:4936 Primary Sponsor:J. Bailey Committee Number:30 Type of Legislation:GB Subject:Merchants' furniture, property tax, depreciation of Residing Body:House Current Committee:Ways and Means Computer Document Number:JIC/5800HTC.94 Introduced Date:19940317 Last History Body:House Last History Date:19940317 Last History Type:Introduced, read first time, referred to Committee Scope of Legislation:Statewide All Sponsors:J. Bailey Type of Legislation:General Bill
Bill Body Date Action Description CMN Leg Involved
____ ______ ____________ ______________________________ ___ ____________
4936 House 19940317 Introduced, read first time, 30
referred to Committee
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TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 12-37-935 SO AS TO PROVIDE FOR THE DEPRECIATION OF MERCHANTS' FURNITURE, FIXTURES, AND EQUIPMENT FOR AD VALOREM TAX VALUATION PURPOSES.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Article 5, Chapter 37, Title 12 of the 1976 Code is amended by adding:
"Section 12-37-935. The fair market value of a merchant's furniture, fixture, and equipment is the depreciated value as shown by the merchant's records for income tax purposes. However, original cost may not be reduced in any property tax year below the percentage of original capitalized cost provided in the following table:
Property Tax Year Maximum Reduction
1993 90 percent
1994 88 percent
1995 86 percent
1996 84 percent
1997 82 percent
After 1997 80 percent."
SECTION 2. This act takes effect upon approval by the Governor.