South Carolina General Assembly
114th Session, 2001-2002

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Bill 4979

Indicates Matter Stricken
Indicates New Matter

                    Current Status

Bill Number:                      4979
Type of Legislation:              General Bill GB
Introducing Body:                 House
Introduced Date:                  20020326
Primary Sponsor:                  Davenport
All Sponsors:                     Davenport
Drafted Document Number:          l:\council\bills\bbm\10962htc02.doc
Residing Body:                    House
Current Committee:                Ways and Means Committee 30 HWM
Subject:                          Eminent Domain Procedure Act; property or 
                                  improvements located on condemned property 
                                  excluded from gross income gain received by 
                                  the taxpayer pursuant to the Act


                        History

Body    Date      Action Description                     Com     Leg Involved
______  ________  ______________________________________ _______ ____________
House   20020326  Introduced, read first time,           30 HWM
                  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 12-6-1120, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO MODIFICATIONS TO GROSS INCOME FOR PURPOSES OF THE SOUTH CAROLINA INCOME TAX ACT, SO AS TO EXCLUDE FROM SOUTH CAROLINA GROSS INCOME GAIN RECEIVED BY THE TAXPAYER FOR REAL PROPERTY AND ANY IMPROVEMENTS LOCATED THEREON CONDEMNED PURSUANT TO CHAPTER 2 OF TITLE 28, THE SOUTH CAROLINA EMINENT DOMAIN PROCEDURE ACT.

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

SECTION    1.    Section 12-6-1120 of the 1976 Code, as last amended by Act 399 of 2000, is further amended by adding an item at the end to read:

    "(11)    South Carolina gross income does not include gain received by the taxpayer for real property and any improvements located on the property which has been condemned pursuant to Chapter 2 of Title 28, the South Carolina Eminent Domain Procedure Act."

SECTION    2.    Upon approval by the Governor, this act is effective for taxable years beginning after 2001.

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