South Carolina General Assembly
121st Session, 2015-2016

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Indicates Matter Stricken
Indicates New Matter

S. 243

STATUS INFORMATION

General Bill
Sponsors: Senators Bennett, Turner, Hembree, Thurmond, Shealy, Campbell, Massey and Bryant
Document Path: l:\council\bills\agm\18442dg15.docx

Introduced in the Senate on January 13, 2015
Currently residing in the Senate Committee on Finance

Summary: Property tax exemptions

HISTORY OF LEGISLATIVE ACTIONS 

     Date      Body   Action Description with journal page number
-------------------------------------------------------------------------------
  12/10/2014  Senate  Prefiled
  12/10/2014  Senate  Referred to Committee on Finance
   1/13/2015  Senate  Introduced and read first time (Senate Journal-page 149)
   1/13/2015  Senate  Referred to Committee on Finance 
                        (Senate Journal-page 149)

View the latest legislative information at the website

VERSIONS OF THIS BILL

12/10/2014

(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 FROM PROPERTY TAX FORTY-TWO AND SEVENTY-FIVE ONE HUNDREDTHS PERCENT OF THE FAIR MARKET VALUE OF MANUFACTURING PROPERTY, AND TO PHASE IN THE EXEMPTION OVER FIVE YEARS.

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

SECTION    1.A.    Section 12-37-220(B) of the 1976 Code, as last amended by Act 259 of 2014, is further amended by adding a new item at the end to read:

"( )    Forty-two and seventy-five one hundredths percent of the property tax value, as defined pursuant to Section 12-37-3135(A)(5) of manufacturing property assessed for property tax purposes pursuant to Section 12-43-220(a)(1)."

B.    Notwithstanding the exemption amount allowed pursuant to the unnumbered item added pursuant to subsection A of this section, the percentage exemption amount is phased-in in five equal and cumulative percentage installment amounts of 8.55 percent applicable for property tax years beginning after 2015.

SECTION    2.    This act takes effect upon approval by the Governor and applies for property tax years beginning after 2015.

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This web page was last updated on April 13, 2015 at 2:37 PM