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Session 116 - (2005-2006)Printer Friendly
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H*4594 (Rat #0253, Act #0248 of 2006) General Bill, By Vick, Witherspoon, Clemmons and Hardwick
Similar (S 1108)
Summary: Timber deed
AN ACT TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 12-6-5595 SO AS TO PROVIDE THAT FOR PURPOSES OF THE NONRECOGNITION OF GAIN UNDER SECTION 1031 OF THE INTERNAL REVENUE CODE AND COMPARABLE PROVISIONS OF STATE LAW, THE CONVEYANCE BY TIMBER DEED OF THE RIGHT TO CUT STANDING TIMBER FOR A PERIOD OF TIME EXCEEDING THIRTY YEARS IS CONSIDERED A CONVEYANCE OF A REAL PROPERTY INTEREST AND AS SUCH UNDER THE LAWS OF THIS STATE IS A LIKE-KIND EXCHANGE WITH OTHER SIMILAR CONVEYANCES OF A REAL PROPERTY INTEREST OR WITH CONVEYANCES OF SIMILAR INVESTMENT REAL PROPERTY OWNED IN FEE SIMPLE. - ratified title
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Similar (S 1108)
Summary: Timber deed
AN ACT TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 12-6-5595 SO AS TO PROVIDE THAT FOR PURPOSES OF THE NONRECOGNITION OF GAIN UNDER SECTION 1031 OF THE INTERNAL REVENUE CODE AND COMPARABLE PROVISIONS OF STATE LAW, THE CONVEYANCE BY TIMBER DEED OF THE RIGHT TO CUT STANDING TIMBER FOR A PERIOD OF TIME EXCEEDING THIRTY YEARS IS CONSIDERED A CONVEYANCE OF A REAL PROPERTY INTEREST AND AS SUCH UNDER THE LAWS OF THIS STATE IS A LIKE-KIND EXCHANGE WITH OTHER SIMILAR CONVEYANCES OF A REAL PROPERTY INTEREST OR WITH CONVEYANCES OF SIMILAR INVESTMENT REAL PROPERTY OWNED IN FEE SIMPLE. - ratified title
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02/02/06 | House | Introduced, read first time, placed on calendar without reference HJ-4 |
02/08/06 | House | Read second time HJ-24 |
02/09/06 | House | Read third time and sent to Senate HJ-12 |
02/09/06 | Senate | Introduced and read first time SJ-11 |
02/09/06 | Senate | Referred to Committee on Finance SJ-11 |
03/02/06 | Senate | Recalled from Committee on Finance SJ-2 |
03/02/06 | Senate | Amended SJ-2 |
03/02/06 | Senate | Read second time SJ-2 |
03/02/06 | Senate | Unanimous consent for third reading on next legislative day SJ-2 |
03/03/06 | Senate | Read third time and returned to House with amendments SJ-1 |
03/03/06 | Scrivener's error corrected | |
03/08/06 | House | Concurred in Senate amendment and enrolled HJ-25 |
03/14/06 | Ratified R 253 | |
03/17/06 | Signed By Governor | |
03/23/06 | Copies available | |
03/23/06 | Effective date 03/17/06 | |
04/05/06 | Act No. 248 |