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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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