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TO AMEND SECTION 12-54-43, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO CIVIL PENALTIES APPLICABLE TO TAX AND REVENUE LAW, SO AS TO PROVIDE THAT IF A TAXPAYER ASSERTS A VALUE FOR PROPERTY USED IN, OR OWNED BY, A BUSINESS FOR PROPERTY TAX PURPOSES THAT IS FIFTY PERCENT OR MORE BELOW THE PROPERTY'S PROPERTY TAX VALUE, THERE MUST BE ADDED TO THE TAX AN AMOUNT EQUAL TO FIFTY PERCENT OF THE UNDERPAYMENT WHICH WOULD HAVE RESULTED IF THE VALUE ASSERTED HAD BEEN ACCEPTED.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 12-54-43 of the 1976 Code, as last amended by Act 89 of 2001, is further amended by adding at the end:
"(L) If a taxpayer asserts a value for property used in, or owned by, a business for property tax purposes that is fifty percent or more below the property's property tax value, there must be added to the tax an amount equal to the fifty percent of the underpayment which would have resulted if the value asserted had been accepted."
SECTION 2. This act takes effect upon approval by the Governor and is applicable for tax years beginning after December 31, 2005.
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