H 3731 General Bill, By Cobb-Hunter, D.W. Beatty, Inabinett, W.D. Keyserling, 
C.Y. Waites and L.S. Whipper
 A Bill to amend the Code of Laws of South Carolina, 1976, by adding Section
 12-7-1255 so as to authorize a tax credit of ten percent of the assessed value
 for property that is leased on a nonprofit basis for a general public purpose
 to government agencies, political subdivisions of the State, or to an
 organization exempt under Section 501(c) (3) of the Internal Revenue Code.

   03/17/93  House  Introduced and read first time HJ-6
   03/17/93  House  Referred to Committee on Ways and Means HJ-6

A BILL

TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 12-7-1255 SO AS TO AUTHORIZE A TAX CREDIT OF TEN PERCENT OF THE ASSESSED VALUE FOR PROPERTY THAT IS LEASED ON A NONPROFIT BASIS FOR A GENERAL PUBLIC PURPOSE TO GOVERNMENT AGENCIES, POLITICAL SUBDIVISIONS OF THE STATE, OR TO AN ORGANIZATION EXEMPT UNDER SECTION 501(c)(3) OF THE INTERNAL REVENUE CODE.

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

SECTION 1. The 1976 Code is amended by adding:

"Section 12-7-1255. A taxpayer may claim against the tax due a credit of ten percent, not to exceed two thousand five hundred dollars, of the assessed value of property owned by the taxpayer that is leased on a nonprofit basis, to a state, county, or local government agency, to a county, municipality, or other political subdivision, or to an organization exempt from taxation under Section 501(c)(3) of the Internal Revenue Code so long as it is used for a general public purpose; however, this exemption does not apply to property used for warehousing."

SECTION 2. This act takes effect upon approval by the Governor and first applies to tax years beginning after 1993.