S*0220(Rat #0199, Act #0132 of 1985)  General Bill, By J.A. Martin

Similar(H 2520)
 A Bill to amend Section 12-43-220, as amended, Code of Laws of South Carolina,
 1976, relating to classification of property and assessment ratios for
 purposes of ad valorem taxation, so as to exclude from the manufacturing and
 utility property classification real property owned by or leased to a
 manufacturer used primarily for warehousing and wholesale distribution of
 clothing and wearing apparel.-amended title

   02/07/85  Senate Introduced and read first time SJ-367
   02/07/85  Senate Referred to Committee on Finance SJ-367
   05/23/85  Senate Recalled from Committee on Finance SJ-2230
   05/23/85  Senate Amended SJ-2230
   05/23/85  Senate Read second time SJ-2231
   05/24/85  Senate Read third time and sent to House SJ-2266
   05/28/85  House  Introduced and read first time HJ-3516
   05/28/85  House  Referred to Committee on Ways and Means HJ-3517
   05/29/85  House  Recalled from Committee on Ways and Means HJ-3620
   05/29/85  House  Read second time HJ-3621
   05/30/85  House  Read third time and enrolled HJ-3646
   06/03/85         Ratified R 199
   06/06/85         Signed By Governor
   06/06/85         Effective date 06/06/85
   06/06/85         Act No. 132
   06/14/85         Copies available

AN ACT TO AMEND SECTION 12-43-220, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO CLASSIFICATION OF PROPERTY AND ASSESSMENT RATIOS FOR PURPOSES OF AD VALOREM TAXATION, SO AS TO EXCLUDE FROM THE MANUFACTURING AND UTILITY PROPERTY CLASSIFICATION REAL PROPERTY OWNED BY OR LEASED TO A MANUFACTURER USED PRIMARILY FOR WAREHOUSING AND WHOLESALE DISTRIBUTION OF CLOTHING AND WEARING APPAREL.

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

Property excluded

SECTION 1. Item (a) of Section 12-43-220 of the 1976 Code, as last amended by Act 419 of 1984, is further amended to read:

"(a) All real and personal property owned by or leased to manufacturers and utilities and used by the manufacturer or utility in the conduct of the business must be taxed on an assessment equal to ten and one-half percent of the fair market value of the property.

Real property owned by or leased to a manufacturer and used primarily for research and development is not considered used by a manufacturer in the conduct of the business of the manufacturer for purposes of classification of property under item (a) of this section. The term 'research and development' means basic and applied research in the sciences and engineering and the design and development of prototypes and processes.

Real property owned by or leased to a manufacturer and used primarily as an office building is not considered used by a manufacturer in the conduct of the business of the manufacturer for purposes of classification of property under item (a) of this section if the office building is not located on the premises of or contiguous to the plant site of the manufacturer.

Real property owned by or leased to a manufacturer and used primarily for warehousing and wholesale distribution of clothing and wearing apparel is not considered used by a manufacturer in the conduct of the business of the manufacturer for purposes of classification of property under item (a) of this section if the property is not located on the premises of or contiguous to the manufacturing site of the manufacturer."

Time effective

SECTION 2. This act shall take effect upon approval by the Governor.