H 3769 General Bill, By R.C. Fulmer, Allison, Bailey, D.W. Beatty, Boan, 
H. Brown, B.D. Cain, Carnell, Cato, C.D. Chamblee, Cooper, Cotty, Dantzler, 
Davenport, Delleney, Easterday, L.L. Elliott, Fair, Gamble, H.M. Hallman, 
Harrell, Harrison, Haskins, R.J. Herdklotz, J.H. Hodges, H.G. Hutson, 
M.F. Jaskwhich, Jennings, Keegan, Kelley, Kennedy, W.D. Keyserling, Klauber, 
Knotts, Koon, Law, Limehouse, Littlejohn, C.V. Marchbanks, L.M. Martin, Mason, 
J.G. McAbee, McCraw, D.E. McTeer, Meacham, Phillips, Quinn, Richardson, Riser, 
Robinson, Scott, Seithel, Sharpe, J.S. Shissias, Simrill, D. Smith, R. Smith, 
E.C. Stoddard, Tripp, Trotter, J.W. Tucker, Vaughn, C.C. Wells, Whatley, 
Whipper, L.S. Whipper, Wilder, Wilkes, Wilkins, Witherspoon, S.S. Wofford, 
H.G. Worley, D.A. Wright, W.J. Young and Young-Brickell
 A Bill to amend Section 12-37-220, as amended, Code of Laws of South Carolina,
 1976, relating to property tax exemptions, so as to provide that the five-year
 partial exemption allowed for manufacturing establishments and corporate
 headquarters is extended to an unrelated purchaser under certain
 circumstances.

   03/08/95  House  Introduced and read first time HJ-7
   03/08/95  House  Referred to Committee on Ways and Means HJ-7

A BILL

TO AMEND SECTION 12-37-220, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO PROPERTY TAX EXEMPTIONS, SO AS TO PROVIDE THAT THE FIVE-YEAR PARTIAL EXEMPTION ALLOWED FOR MANUFACTURING ESTABLISHMENTS AND CORPORATE HEADQUARTERS IS EXTENDED TO AN UNRELATED PURCHASER UNDER CERTAIN CIRCUMSTANCES.

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

SECTION 1. Section 12-37-220 of the 1976 Code, as last amended by Part II, Sections 77 and 100 of Act 497 of 1994, is further amended by adding at the end:

"(C) The five-year partial exemption allowed pursuant to subsections (A)(7) and (B)(32) is extended to an unrelated purchaser who acquires the facilities in an arms-length transaction and who preserves the existing facilities and jobs. The partial exemption applies for the purchaser for five years if the purchaser otherwise meets the exemption requirements."

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