Reps. ERICKSON and HIXON proposes the following amendment (LC-853.SA0001H):

Amend the bill, as and if amended, by adding an appropriately numbered SECTION to read:

SECTION X. (A) For property tax year 2026 and 2027, notwithstanding Section 12-37-220(B)(11)(e) of the S.C. Code, and except as provided in subsection (B), the Department of Revenue shall not grant final approval of any application for an exemption under that subsection filed on or after June 30, 2026. The department shall hold any such application in abeyance and, upon expiration of this section, shall evaluate the application under the law then in effect.
 (B) Subsection (A) does not apply to an application for an exemption under Section 12-37-220(B)(11)(e) of the S.C. Code with respect to property owned entirely by a nonprofit housing corporation, either directly or through a wholly owned instrumentality, that is devoted to providing housing to low or very low income residents and that satisfies the safe harbor provisions of Revenue Procedure 96-32 issued by the Internal Revenue Service. The department may process and grant final approval of such applications during the period this section is in effect.
 (C) No applicant acquires a vested right to an exemption under Section 12-37-220(B)(11)(e) of the S.C. Code by filing an application subject to subsection (A), by expending funds in reliance on the exemption, or by receiving any preliminary determination from the department.
 (D) This section expires June 30, 2027.

Renumber sections to conform.

Amend title to conform.