H*4660(Rat #0389, Act #0328 of 1996)  General Bill, By Rhoad, Anderson, Bailey, 
J.M. Baxley, Breeland, H. Brown, J. Brown, A.W. Byrd, B.D. Cain, Cato, 
Cobb-Hunter, Davenport, J.G. Felder, Fleming, Harrison, Harvin, R.J. Herdklotz, 
J. Hines, M. Hines, M.H. Kinon, Knotts, Limehouse, Lloyd, Loftis, McCraw, 
McMahand, Neilson, Phillips, Quinn, Sandifer, Seithel, Sharpe, Spearman, 
E.C. Stoddard, Townsend, D.C. Waldrop, L.S. Whipper and D.A. Wright
 A Bill to amend Section 38-7-180, as amended, Code of Laws of South Carolina,
 1976, relating to the insurance premium tax exemptions allowed insurance
 companies that insure only churches, so as to extend the exemption to Workers'
 Compensation insurance premiums and to clarify a reference.

   02/22/96  House  Introduced and read first time HJ-9
   02/22/96  House  Referred to Committee on Labor, Commerce and
                     Industry HJ-10
   03/13/96  House  Committee report: Favorable Labor, Commerce and
                     Industry HJ-2
   03/19/96  House  Debate adjourned until Wednesday, March 20, 1996 HJ-17
   03/20/96  House  Read second time HJ-20
   03/21/96  House  Read third time and sent to Senate HJ-20
   03/21/96  Senate Introduced and read first time SJ-12
   03/21/96  Senate Referred to Committee on Labor, Commerce and
                     Industry SJ-12
   04/25/96  Senate Committee report: Favorable Labor, Commerce and
                     Industry SJ-7
   04/29/96  Senate Read second time SJ-32
   04/30/96  Senate Read third time and enrolled SJ-10
   05/14/96         Ratified R 389
   05/20/96         Signed By Governor
   05/20/96         Effective date Upon approval by Governor, this
                     Act is effective for insurance premiums paid
                     after 06/30/96
   05/31/96         Copies available
   05/31/96         Act No. 328

AN ACT TO AMEND SECTION 38-7-180, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE INSURANCE PREMIUM TAX EXEMPTIONS ALLOWED INSURANCE COMPANIES THAT INSURE ONLY CHURCHES, SO AS TO EXTEND THE EXEMPTION TO WORKERS' COMPENSATION INSURANCE PREMIUMS AND TO CLARIFY A REFERENCE.

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

Premium tax exemption

SECTION 1. Section 38-7-180 of the 1976 Code, as last amended by Act 181 of 1993, is further amended to read:

"Section 38-7-180. An insurance company exempt from federal income tax pursuant to Section 501(c)(3) or (4) of the Internal Revenue Code of 1986, and which insures only churches and their property, is exempt from taxes levied on insurance companies in Sections 38-7-20, 38-7-30, 38-7-40, and 38-7-50. To provide proof of exemption from federal income tax under Section 501(c)(3) or (4) of the Internal Revenue Code of 1986, the company shall provide to the director or his designee a certificate issued by the Internal Revenue Service demonstrating the company's tax-exempt status. The company shall further provide evidence satisfactory to the director or his designee that it only insures churches and their property."

Time effective

SECTION 2. Upon approval by the Governor, this act is effective for insurance premiums paid after June 30, 1996.

Approved the 20th day of May, 1996.