South Carolina General Assembly
119th Session, 2011-2012

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Indicates Matter Stricken
Indicates New Matter

S. 1141

STATUS INFORMATION

General Bill
Sponsors: Senators Cleary, Ford, Williams, Gregory and Grooms
Document Path: l:\council\bills\nbd\11970dg12.docx

Introduced in the Senate on January 25, 2012
Currently residing in the Senate Committee on Finance

Summary: Assessed value of aircraft

HISTORY OF LEGISLATIVE ACTIONS 

     Date      Body   Action Description with journal page number
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   1/25/2012  Senate  Introduced and read first time (Senate Journal-page 3)
   1/25/2012  Senate  Referred to Committee on Finance (Senate Journal-page 3)

View the latest legislative information at the LPITS web site

VERSIONS OF THIS BILL

1/25/2012

(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

A BILL

TO AMEND SECTION 12-43-360, OF THE CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO ASSESSED VALUE OF AIRCRAFT, SO AS TO ALLOW THE GOVERNING BODY OF A COUNTY TO EXEMPT UP TO ONE HUNDRED PERCENT OF THE FAIR MARKET VALUE OF GENERAL AVIATION AIRCRAFT FROM PROPERTY TAXES IMPOSED FOR SCHOOL OPERATING PURPOSES, COUNTY OPERATING PURPOSES, AND FOR THE REPAYMENT OF GENERAL OBLIGATION DEBT.

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

SECTION    1.    Section 12-43-360 of the 1976 Code, as added by Act 30 of 2003, is amended to read:

"(A)    The governing body of a county by ordinance may reduce the assessment ratio otherwise applicable in determining the assessed value of general aviation aircraft subject to property tax in the county to a ratio not less than four percent of the fair market value of the general aviation aircraft. The ordinance must apply uniformly to all general aviation aircraft subject to property tax in the county.

(B)    In lieu of utilizing the provisions of subsection (A), the governing body of a county by ordinance may exempt up to one hundred percent of the fair market value of general aviation aircraft from all property taxes imposed for school operating purposes, county operating purposes, or for the repayment of general obligation debt."

SECTION    2.    This act takes effect upon approval by the Governor and applies to property tax years beginning after 2011.

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