H*3530 Session 105 (1983-1984)
H*3530(Rat #0391, Act #0349 of 1984) General Bill, By T.G. Mangum
Similar(S 717, S 753)
A Bill to amend Section 12-3-145, as amended, Code of Laws of South Carolina,
1976, relating to the procedure for obtaining ad valorem property tax
exemption, so as to eliminate the requirement for annual reapplication for tax
exempt status for property of the nature conservancy, for the dwelling house
of veterans who are totally and permanently disabled from a service-connected
disability, and the dwelling house of paraplegics.
02/16/84 House Introduced and read first time HJ-924
02/16/84 House Referred to Committee on Ways and Means HJ-924
03/08/84 House Committee report: Favorable Ways and Means HJ-1319
03/08/84 House Read second time HJ-1319
03/09/84 House Read third time and sent to Senate HJ-1387
03/13/84 Senate Introduced and read first time SJ-972
03/13/84 Senate Referred to Committee on Finance SJ-972
03/28/84 Senate Committee report: Favorable Finance SJ-1217
03/29/84 Senate Read second time SJ-1258
04/05/84 Senate Amended SJ-1321
04/05/84 Senate Read third time SJ-1322
04/05/84 Senate Returned SJ-1322
04/11/84 House Concurred in Senate amendment and enrolled HJ-2347
04/18/84 Ratified R 391
04/23/84 Signed By Governor
04/23/84 Effective date 04/23/84
04/23/84 Act No. 349
05/07/84 Copies available
(A349, R391, H3530)
AN ACT TO AMEND SECTION 12-3-145, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA,
1976, RELATING TO THE PROCEDURE FOR OBTAINING AD VALOREM PROPERTY TAX EXEMPTION,
SO AS TO ELIMINATE THE REQUIREMENT FOR ANNUAL REAPPLICATION FOR TAX EXEMPT STATUS
FOR PROPERTY OF THE NATURE CONSERVANCY, AUDUBON SOCIETY, FOR THE DWELLING HOUSE
OF VETERANS WHO ARE TOTALLY AND PERMANENTLY DISABLED FROM A SERVICE-CONNECTED
DISABILITY, AND THE DWELLING HOUSE OF PARAPLEGICS; AND TO AMEND SECTION
12-7-1150, RELATING TO THE APPORTIONMENT OF INCOME FOR PURPOSES OF THE STATE
INCOME TAX, SO AS TO EXCLUDE FROM THE NUMERATOR OF THE PROPERTY RATIO INVENTORIES
OF UNMANUFACTURED TOBACCO STORED IN WAREHOUSES IN THIS STATE FOR SHIPMENT TO
ANOTHER STATE.
Be it enacted by the General Assembly of the State of South Carolina:
Application for property tax exemption
SECTION 1. Subsection B of Section 12-3-145 of the 1976 Code, as last amended
by Act 190 of 1983, is further amended to read:
"B. Any tax-exempt property owner or any property owner whose property
may qualify for property exemption shall obtain an application for the exemption
from the Commission and shall file the application for exemption between January
first and the last day of February of each year, containing the information
requested by the Commission. The owners of exempt property, as stated in items
(7) and (8) of subsection A and item (17) of subsection B of Section 12-37-220
shall file the application 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 of Title 12.
Notwithstanding any other provision of law, tax-exempt status is granted for
one year only and each property owner must reapply annually for tax-exempt
status. Libraries, churches, parsonages, and burying grounds requesting
tax-exempt status under the provisions of Section 12-37-220 A(3) for any of their
real or personal property, the Nature Conservancy, Audubon Society, veterans who
are one hundred percent totally and permanently disabled from a service-connected
disability requesting tax-exempt status under the provisions of Section
12-37-220B(1) for their dwelling house, and paraplegics requesting tax-exempt
status under the provisions of Section 12-37-220B(2) for their dwelling house,
must file an initial application within the time stipulated by this subsection
enumerating the exempt property but thereafter are not required to file an
additional application for the property unless there is a change in the status
of the property as reported on the initial application or unless requesting an
exemption for property which was not included on the initial application or on
a subsequent application."
Provisions effective for tax years 1984 and thereafter
SECTION 2. The provisions of Subsection B of Section 12-3-145 of the 1976 Code,
as amended by Section 1 of this act, are effective for property tax years 1984
and thereafter.
Apportion of income for purposes of state income tax
SECTION 3. Subsection (1) of Section 12-7-1150 of the 1976 Code is amended to
read:
"Section 12-7-1150. (1) The ratio of the average value of real estate and
tangible personal property, as defined in this section, used by the taxpayer in
this State during the income year, to the average value of the entire real estate
and tangible personal property, as defined in this section, used by the taxpayer
everywhere during the income year, which average value of property is determined
by averaging the values at the beginning and ending of the income year and must
be used unless by reason of material changes during the year, the average does
not fairly represent the average of the year, in which event the average must be
determined upon a monthly or a daily basis. If the taxpayer does not take or
keep records of periodic inventories or if the method and time of taking the
inventories does not accurately reflect the true average inventory, the
Commission shall determine the average inventory from information as may be
available. Inventories must be valued in accordance with the accounting practice
of the taxpayer unless in the opinion of the Commission a different method is
required in order better to reflect the net income of the taxpayer. In
determining the value of property, no deduction may be made for encumbrances on
the property. For purposes of this section, inventories of unmanufactured
tobacco stored in a warehouse in South Carolina for subsequent shipment to a
manufacturer in another state, is not considered as property used in this State.
Any property the income from which is allocated directly and thereby excluded
from the net apportionable income, and any property not held or used to produce
income which is derived from sources partly within and partly without the State,
must be excluded in the computation of the property ratio."
Time effective
SECTION 4. This act shall take effect upon approval by the Governor. |