H 4874 General Bill, By Rodgers, Bailey, Bowers, Canty, Davenport, Harvin, 
Inabinett, Kelley, Koon, Lee, Limehouse, Littlejohn, Lloyd, Pinckney, Rhoad, 
Seithel and Young-Brickell
 A BILL TO AMEND SECTION 12-43-20, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA,
 1976, RELATING TO CLASSIFICATION AND ASSESSMENT RATIOS OF PROPERTY FOR
 PURPOSES OF PROPERTY TAX, SO AS TO EXTEND THE FIVE PERCENT ASSESSMENT RATIO TO
 "COMMERCIAL VEHICLES" AND TO DEFINE "COMMERCIAL VEHICLES".

   03/24/98  House  Introduced and read first time HJ-50
   03/24/98  House  Referred to Committee on Ways and Means HJ-50

A BILL

TO AMEND SECTION 12-43-220, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO CLASSIFICATION AND ASSESSMENT RATIOS OF PROPERTY FOR PURPOSES OF PROPERTY TAX, SO AS TO EXTEND THE FIVE PERCENT ASSESSMENT RATIO TO "COMMERCIAL VEHICLES" AND TO DEFINE "COMMERCIAL VEHICLES".

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

SECTION 1. Section 12-43-220(f) of the 1976 Code is amended to read:

"(f) Except as specifically provided by law all other personal property shall must be taxed on an assessment of ten and one-half percent of fair market value of such the property except that commercial fishing boats shall vessels must be taxed on an assessment of five percent of fair market value. As used in this item 'commercial fishing boats vessel' shall mean means a vessel used for any of the following purposes: boats licensed by the Department of Natural Resources which are used exclusively for commercial fishing, shrimping or crabbing.

(1) used exclusively for commercial fishing, shrimping, or crabbing and which is licensed by the Department of Natural Resources for these purposes;

(2) licensed by the Department of Natural Resources as a charter fishing vessel which files monthly catch reports if the owner can demonstrate that at least fifty percent of his earned income is derived from charter fishing activities;

(3) used primarily for towage, pilotage, the transportation of freight, or the transportation for passengers for hire;

(4) used primarily for marine construction activities or used primarily as a tender or support vessel for a commercial operation."

SECTION 2. Upon approval by the Governor, this act is effective for property tax years beginning after 1997.