H 4936 General Bill, By J.J. Bailey
 A Bill to amend the Code of Laws of South Carolina, 1976, by adding Section
 12-37-935 so as to provide for the depreciation of merchants' furniture,
 fixtures, and equipment for ad valorem tax valuation purposes.

   03/17/94  House  Introduced and read first time HJ-8
   03/17/94  House  Referred to Committee on Ways and Means HJ-8

A BILL

TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 12-37-935 SO AS TO PROVIDE FOR THE DEPRECIATION OF MERCHANTS' FURNITURE, FIXTURES, AND EQUIPMENT FOR AD VALOREM TAX VALUATION PURPOSES.

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

SECTION 1. Article 5, Chapter 37, Title 12 of the 1976 Code is amended by adding:

"Section 12-37-935. The fair market value of a merchant's furniture, fixture, and equipment is the depreciated value as shown by the merchant's records for income tax purposes. However, original cost may not be reduced in any property tax year below the percentage of original capitalized cost provided in the following table:

Property Tax Year Maximum Reduction

1993 90 percent

1994 88 percent

1995 86 percent

1996 84 percent

1997 82 percent

After 1997 80 percent."

SECTION 2. This act takes effect upon approval by the Governor.