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Bill Number: 1002 Ratification Number: 481 Act Number 438 Introducing Body: Senate Subject: Relating to property tax exemptions
(A438, R481, S1002)
AN ACT TO AMEND SECTION 12-37-220, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO PROPERTY TAX EXEMPTIONS, SO AS TO EXEMPT FOR NOT MORE THAN TWO YEARS PROPERTY ACQUIRED BY CHARITABLE ENTITIES FOR THE PURPOSE OF BUILDING OR RENOVATING RESIDENTIAL STRUCTURES FOR SALE TO ECONOMICALLY DISADVANTAGED PERSONS.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 12-37-220(16) of the 1976 Code is amended to read:
"(16)(a) The property of any religious, charitable, eleemosynary, educational, or literary society, corporation, or other association, when the property is used by it primarily for the holding of its meetings and the conduct of the business of the society, corporation, or association and no profit or benefit therefrom inures to the benefit of any private stockholder or individual.
(b) The property of any religious, charitable, or eleemosynary society, corporation, or other association when the property is acquired for the purpose of building or renovating residential structures on it for sale to economically disadvantaged persons, but this exemption may not be claimed for more than two tax years on a single property."
SECTION 2. The amendment to Section 12-37-220(16) of the 1976 Code contained in this act is effective for tax years beginning after 1987.
SECTION 3. This act takes effect upon approval by the Governor.