Current Status Bill Number:307 Type of Legislation:Joint Resolution JR Introducing Body:Senate Introduced Date:19950110 Primary Sponsor:Hayes All Sponsors:Hayes Drafted Document Number:JIC\5187HTC.95 Companion Bill Number:164 Residing Body:Senate Current Committee:Finance Committee 06 SF Subject:Corporate headquarters
Body Date Action Description Com Leg Involved
______ ________ _______________________________________ _______ ____________
Senate 19950110 Introduced, read first time, 06 SF
referred to Committee
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TO RATIFY AN AMENDMENT TO SECTION 3, ARTICLE X OF THE CONSTITUTION OF SOUTH CAROLINA, 1895, SO AS TO PERMIT A MUNICIPAL GOVERNING BODY TO EXEMPT FROM MUNICIPAL AD VALOREM TAXES FOR NOT MORE THAN FIVE YEARS ALL NEW CORPORATE HEADQUARTERS, CORPORATE OFFICE FACILITIES, DISTRIBUTION FACILITIES, AND ADDITIONS TO SUCH FACILITIES LOCATED IN THE MUNICIPALITY, AND TO AUTHORIZE A SIMILAR EXEMPTION FOR ALL NEW ENTERPRISES ENGAGED IN RESEARCH AND DEVELOPMENT ACTIVITIES AND ADDITIONS TO SUCH ENTERPRISES LOCATED IN THE MUNICIPALITY AND TO PROVIDE THAT THESE EXEMPTIONS ARE SUBJECT TO THOSE TERMS AND CONDITIONS THAT THE GENERAL ASSEMBLY MAY PROVIDE BY LAW.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. The amendment to item (g), Section 3, Article X of the Constitution of South Carolina, 1895, prepared under the terms of a Joint Resolution of 1994 bearing ratification number 424, having been submitted to the qualified electors at the general election of 1994 as prescribed in Section 1, Article XVI of the Constitution of South Carolina, 1895, and a favorable vote having been received on the amendment, is ratified and declared to be a part of the Constitution so that item (g), Section 3, Article X is amended by adding at the end:
"The governing body of a municipality may by ordinance exempt from municipal ad valorem taxation for not more than five years:
(1) all new corporate headquarters, corporate office facilities, distribution facilities located in the municipality, and additions to such facilities; and
(2) all facilities of new enterprises engaged in research and development activities located in the municipality, and additions to such facilities.
The exemptions allowed pursuant to this paragraph are subject to those terms and conditions that the General Assembly may provide by law."