H*2914 Session 105 (1983-1984)
H*2914(Rat #0304, Act #0286 of 1984) General Bill, By T.G. Mangum,
B.L. Hendricks, Kirsh and D.E. McTeer
A Bill to amend Section 12-3-140, as amended, Code of Laws of South Carolina,
1976, relating to the responsibility of the Tax Commission for the assessment
of certain companies for property taxation, so as to include pipeline
companies therein, to provide that the unit value method shall be used in
assessing to the owner all real or personal property leased or used, and to
disallow the Lifo Method of valuing merchants' inventory; and to amend Section
12-37-970, relating to assessment and return of merchants' inventory, so as to
provide that the assessment of property taxation of merchants' inventories and
fixtures and manufacturers' and other taxpayers' property must be determined
by the Tax Commission and to require the taxpayer to make a return not less
than once each calendar year.-amended title
04/14/83 House Introduced and read first time HJ-2211
04/14/83 House Referred to Committee on Ways and Means HJ-2212
05/24/83 House Committee report: Favorable with amendment Ways
and Means HJ-2991
05/25/83 House Amended HJ-3093
05/25/83 House Read second time HJ-3095
05/26/83 House Read third time and sent to Senate HJ-3151
05/26/83 Senate Introduced and read first time SJ-1504
05/26/83 Senate Referred to Committee on Finance SJ-1504
02/01/84 Senate Committee report: Favorable Finance SJ-531
02/02/84 Senate Read second time SJ-569
02/14/84 Senate Read third time and enrolled SJ-637
03/01/84 Ratified R 304
03/05/84 Signed By Governor
03/05/84 Effective date 03/05/84
03/05/84 Act No. 286
03/20/84 Copies available
(A286, R304, H2914)
AN ACT TO AMEND SECTION 12-3-140, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA,
1976, RELATING TO THE RESPONSIBILITY OF THE TAX COMMISSION FOR THE ASSESSMENT OF
CERTAIN COMPANIES FOR PROPERTY TAXATION, SO AS TO INCLUDE PIPELINE COMPANIES
THEREIN, TO PROVIDE THAT THE UNIT VALUE METHOD SHALL BE USED IN ASSESSING TO THE
OWNER ALL REAL OR PERSONAL PROPERTY LEASED OR USED, AND TO DISALLOW THE LIFO
METHOD OF VALUING MERCHANTS' INVENTORY; AND TO AMEND SECTION 12-37-970, AS
AMENDED, RELATING TO ASSESSMENT AND RETURN OF MERCHANTS' INVENTORY, SO AS TO
PROVIDE THAT THE ASSESSMENT OF PROPERTY TAXATION OF MERCHANTS' INVENTORIES AND
FIXTURES AND MANUFACTURERS' AND OTHER TAXPAYERS' PROPERTY MUST BE DETERMINED BY
THE TAX COMMISSION AND TO REQUIRE THE TAXPAYER TO MAKE A RETURN NOT LESS THAN
ONCE EACH CALENDAR YEAR.
Be it enacted by the General Assembly of the State of South Carolina:
Tax Commission to assess certain utilities
SECTION 1. Item (17) of Section 12-3-140 of the 1976 Code, as last amended by
Act 30 of 1977, is further amended to read:
"(17) Has the sole responsibility for the assessment, appraisal, and
equalization of taxable values upon the property and franchises of street railway
companies, mines, electric railways, telephone companies, water, heat, light and
power companies, private car lines, and pipe line companies, and must assess,
appraise, and equalize all real and tangible personal property of manufacturers,
except as to inventory, only manufactured articles which have been offered for
sale at retail or which have been available for sale at retail may be included
in the inventory listed in the return. The Commission must also assess to the
owner all real or personal property leased to or used by the above-mentioned
companies using the Unit Valuation Method or other accepted or recognized
methods. When the total value of the utility is estimated and the value
apportioned to this State, then the value will be distributed to the taxing
jurisdiction in each county where the utility has property on a basis of
investment in each jurisdiction. It is the responsibility of each county
assessor to determine what portion of the total value in each district is to be
assessed as real property. The owner of property leased to or used by the
above-mentioned companies must make returns to the Commission on forms prescribed
by the Commission."
Tax value of merchants' inventories
SECTION 2. Section 12-3-140 of the 1976 Code, as last amended by Act 30 of 1977,
is further amended by adding an appropriately numbered item to read:
"( ) The LIFO method may not be used in determining the value of
merchants' inventory for property tax purposes."
Assessment and return of merchants' inventories, etc.
SECTION 3. Section 12-37-970 of the 1976 Code, as last amended by Act 361 of
1982, is further amended to read:
"Section 12-37-970. Notwithstanding any other provision of law, the
assessment for property taxation of merchants' inventories, equipment, furniture
and fixtures, and manufacturers' real and tangible personal property, and the
machinery, equipment, furniture and fixtures of all other taxpayers required to
file returns with the South Carolina Tax Commission for purposes of assessment
for property taxation, shall be determined by the Commission from property tax
returns submitted by the taxpayers to the Commission on or before the fifteenth
day of the fourth month after the close of the accounting period regularly
employed by the taxpayer for income tax purposes in accordance with Chapter 7,
Title 12. The Commission by regulation shall prescribe the form of return
required by this section, the information to be contained in it, and the manner
in which the returns must be submitted. Every taxpayer required to make return
to the Commission of property for assessment for property taxation must make the
return to the Commission not less than once each calendar year. Whenever by a
change of accounting period or otherwise more than one accounting period ends
within any one calendar year, the taxpayer must make one such return within the
prescribed time for filing following the end of each of the accounting periods
and the Commission shall determine the assessment from the return setting forth
the greatest value.
When property required to be returned as herein provided is sold after the end
of the seller's accounting year and before January first next ensuing and when
the purchaser's accounting year ends after the seller's and before January first
next ensuing, the property must be returned by the seller as of the end of his
accounting period. The purchaser is not required to list and return the property
as of the close of his accounting period during the calendar year of sale. The
seller and the purchaser are jointly and singularly liable for the tax that is
due and payable by reason of this provision. The provision of this section does
not apply to motor vehicles licensed for use on public highways."
Time effective
SECTION 4. This act shall take effect upon approval by the Governor. |