South Carolina General Assembly
114th Session, 2001-2002

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Bill 1225

Indicates Matter Stricken
Indicates New Matter

                    Current Status

Bill Number:                      1225
Type of Legislation:              General Bill GB
Introducing Body:                 Senate
Introduced Date:                  20020417
Primary Sponsor:                  Leatherman
All Sponsors:                     Leatherman
Drafted Document Number:          l:\council\bills\gjk\21294htc02.doc
Residing Body:                    Senate
Current Committee:                Finance Committee 06 SF
Subject:                          Housing to low or very low income 
                                  residents, property tax exemption for all 
                                  property of nonprofit housing corporation 
                                  devoted to providing


                        History

Body    Date      Action Description                     Com     Leg Involved
______  ________  ______________________________________ _______ ____________
Senate  20020417  Introduced, read first time,           06 SF
                  referred to Committee


              Versions of This Bill
View additional legislative information at the LPITS web site.

(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 PROPERTY OF NONPROFIT HOUSING CORPORATIONS AND THEIR SOLELY-OWNED INSTRUMENTALITIES WHICH IS DEVOTED TO PROVIDING HOUSING TO LOW OR VERY LOW INCOME RESIDENTS SUBJECT TO SATISFYING THE REQUIREMENTS OF REVENUE PROCEDURE 96-32.

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

SECTION 1. Section 12-37-220(B)(11) of the 1976 Code is amended by adding a subitem at the end to read:

"(e) All property of nonprofit housing corporations or solely-owned instrumentalities of these corporations which is devoted to providing housing to low or very low income residents. A nonprofit housing corporation must satisfy the safe harbor provisions of Revenue Procedure 96-32 issued by the Internal Revenue Service to qualify for this exemption."

SECTION 2. This act takes effect upon approval by the Governor and applies for property tax years beginning after 2001.

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