S 0207 {Rat #151, Act #145 of 2020} General Bill, By Young

Similar(S 619)
 AN ACT TO AMEND SECTION 12-43-220, CODE OF LAWS OF SOUTH CAROLINA, 1976,
 RELATING TO PROGRAMS AND UNIFORM ASSESSMENT RATIOS FOR COUNTY EQUALIZATION AND
 REASSESSMENT, SO AS TO PROVIDE THAT AN OWNER ELIGIBLE FOR AND RECEIVING THE
 SPECIAL ASSESSMENT PURSUANT TO SECTION 12-43-220 WHO IS RESIDING AT A NURSING
 HOME RETAINS THE SPECIAL ASSESSMENT RATIO OF FOUR PERCENT FOR AS LONG AS THE
 OWNER REMAINS IN THE NURSING HOME; TO AMEND SECTION 12-37-220, RELATING TO
 GENERAL PROPERTY TAX EXEMPTIONS, SO AS TO PROVIDE AN EXEMPTION FOR CERTAIN
 LEASEHOLD INTERESTS IN AND IMPROVEMENTS TO PROPERTY OWNED BY AN ENTITY THAT
 PROVIDES CERTAIN HOUSING ACCOMMODATIONS TO LOW INCOME PERSONS; AND TO AMEND
 SECTION 31-6-30, RELATING TO HOUSING AND REDEVELOPMENT DEFINITIONS, SO AS TO
 PROVIDE THAT A REDEVELOPMENT PROJECT INCLUDES AFFORDABLE HOUSING PROJECTS
 WHERE ALL OR A PART OF NEW PROPERTY TAX REVENUES GENERATED IN THE TAX
 INCREMENT FINANCING DISTRICT ARE USED TO PROVIDE OR SUPPORT PUBLICLY AND
 PRIVATELY OWNED AFFORDABLE HOUSING IN THE DISTRICT OR IS USED TO PROVIDE
 INFRASTRUCTURE PROJECTS TO SUPPORT PUBLICLY AND PRIVATELY OWNED AFFORDABLE
 HOUSING IN THE DISTRICT. - ratified title
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   12/12/18  Senate Prefiled
   12/12/18  Senate Referred to Committee on Finance
   01/08/19  Senate Introduced and read first time
                     (Senate Journal-page 134)
   01/08/19  Senate Referred to Committee on Finance
                     (Senate Journal-page 134)
   01/16/19  Senate Committee report: Favorable Finance
                     (Senate Journal-page 7)
   01/17/19         Scrivener's error corrected
   01/22/19  Senate Read second time (Senate Journal-page 17)
   01/22/19  Senate Roll call Ayes-42  Nays-0 (Senate Journal-page 17)
   01/23/19  Senate Read third time and sent to House
                     (Senate Journal-page 10)
   01/23/19  House  Introduced and read first time (House Journal-page 12)
   01/23/19  House  Referred to Committee on Labor, Commerce and
                     Industry (House Journal-page 12)
   02/05/20  House  Recalled from Committee on Labor, Commerce and
                     Industry (House Journal-page 50)
   02/05/20  House  Committed to Committee on Ways and Means
                     (House Journal-page 50)
   09/15/20  House  Committee report: Favorable Ways and Means
                     (House Journal-page 63)
   09/16/20  House  Amended (House Journal-page 48)
   09/16/20  House  Read second time (House Journal-page 48)
   09/16/20  House  Roll call Yeas-109  Nays-0 (House Journal-page 48)
   09/22/20         Scrivener's error corrected
   09/22/20  House  Read third time and returned to Senate with
                     amendments (House Journal-page 23)
   09/22/20  Senate House amendment amended (Senate Journal-page 38)
   09/22/20  Senate Roll call Ayes-40  Nays-0 (Senate Journal-page 38)
   09/22/20  Senate Returned to House with amendments
                     (Senate Journal-page 38)
   09/22/20  House  Concurred in Senate amendment and enrolled
                     (House Journal-page 86)
   09/22/20  House  Roll call Yeas-104  Nays-0 (House Journal-page 86)
   09/25/20         Ratified R  151
   09/28/20         Signed By Governor
   10/02/20         Effective date  09/28/20
   10/02/20         Act No.  145

(A145, R151, S207)

AN ACT TO AMEND SECTION 12-43-220, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO PROGRAMS AND UNIFORM ASSESSMENT RATIOS FOR COUNTY EQUALIZATION AND REASSESSMENT, SO AS TO PROVIDE THAT AN OWNER ELIGIBLE FOR AND RECEIVING THE SPECIAL ASSESSMENT PURSUANT TO SECTION 12-43-220 WHO IS RESIDING AT A NURSING HOME RETAINS THE SPECIAL ASSESSMENT RATIO OF FOUR PERCENT FOR AS LONG AS THE OWNER REMAINS IN THE NURSING HOME; TO AMEND SECTION 12-37-220, RELATING TO GENERAL PROPERTY TAX EXEMPTIONS, SO AS TO PROVIDE AN EXEMPTION FOR CERTAIN LEASEHOLD INTERESTS IN AND IMPROVEMENTS TO PROPERTY OWNED BY AN ENTITY THAT PROVIDES CERTAIN HOUSING ACCOMMODATIONS TO LOW INCOME PERSONS; AND TO AMEND SECTION 31-6-30, RELATING TO HOUSING AND REDEVELOPMENT DEFINITIONS, SO AS TO PROVIDE THAT A REDEVELOPMENT PROJECT INCLUDES AFFORDABLE HOUSING PROJECTS WHERE ALL OR A PART OF NEW PROPERTY TAX REVENUES GENERATED IN THE TAX INCREMENT FINANCING DISTRICT ARE USED TO PROVIDE OR SUPPORT PUBLICLY AND PRIVATELY OWNED AFFORDABLE HOUSING IN THE DISTRICT OR IS USED TO PROVIDE INFRASTRUCTURE PROJECTS TO SUPPORT PUBLICLY AND PRIVATELY OWNED AFFORDABLE HOUSING IN THE DISTRICT.

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

Special property tax assessment ratio for nursing home residents

SECTION    1.    Section 12-43-220(c)(2) of the 1976 Code is amended by adding a subitem at the end to read:

"(ix)        If an owner who is entitled to the special assessment ratio for owner-occupied residential property allowed pursuant to this subsection (c), becomes a patient at a nursing home or a community residential care facility, then the owner retains the four percent assessment ratio and applicable exemptions for as long as the owner remains in the home or facility so long as the owner otherwise qualifies, has an intention of returning to the property, and the property is not rented in excess of the amount allowed by this item (c)(2). For purposes of this subitem, nursing home and community residential care facility have the same meaning as provided in Section 44-7-130."

Property tax exemption for certain leasehold interests and improvements

SECTION    2.A.    Section 12-37-220(B)(11)(e) of the 1976 Code is amended to read:

"(e)    all property of nonprofit housing corporations or instrumentalities of these corporations when the property is devoted to providing housing to low or very low income residents. A nonprofit housing corporation or its instrumentality must satisfy the safe harbor provisions of Revenue Procedure 96-32 issued by the Internal Revenue Service for this exemption to apply. For purposes of this subitem, property of nonprofit housing corporations or instrumentalities of these corporations includes all leasehold interests in and improvements to property owned by an entity that provides housing accommodations to persons of low or very low income, and in which a wholly owned affiliate or wholly owned instrumentality of a nonprofit housing corporation is the general partner, managing member, or the equivalent. However, the exemption allowed by this subitem only applies if the property of nonprofit housing corporations or instrumentalities of these corporations satisfies the safe harbor provisions of Revenue Procedure 96-32 issued by the Internal Revenue Service;"

B.        This SECTION takes effect upon approval by the Governor and applies to property tax years beginning after 2020.

Definition of redevelopment project

SECTION    3.    Section 31-6-30(6) of the 1976 Code is amended to read:

"(6)    'Redevelopment project' means any buildings, improvements, including street, road, and highway improvements, water, sewer and storm drainage facilities, parking facilities, tourism and recreation-related facilities, energy production or transmission infrastructure, communications technology, and public transportation infrastructure including, but not limited to, rail and airport facilities. Any project or undertaking authorized under Section 6-21-50 also may qualify as a redevelopment project under this chapter. All the projects are to be publicly owned. A redevelopment may be located outside of the redevelopment area provided the municipality makes specific findings of benefit to the redevelopment project area and the project area is located within the municipal limits. A redevelopment project for purposes of this chapter also includes affordable housing projects where all or a part of new property tax revenues generated in the tax increment financing district are used to provide or support publicly and privately owned affordable housing in the district or is used to provide infrastructure projects to support publicly and privately owned affordable housing in the district. The term 'affordable housing' as used herein means residential housing for rent or sale that is appropriately priced for rent or sale to a person or family whose income does not exceed eighty percent of the median income for the local area, with adjustments for household size, according to the latest figures available from the United States Department of Housing and Urban Development (HUD)."

Time effective

SECTION    4.    This act takes effect upon approval by the Governor.

Ratified the 25th day of September, 2020.

Approved the 28th day of September, 2020.