Current Status Introducing Body:Senate Bill Number:265 Primary Sponsor:Mullinax Committee Number:30 Type of Legislation:GB Subject:Property tax depreciation on manufacturer's equipment Residing Body:House Computer Document Number:265 Introduced Date:Jan 08, 1991 Date of Last Amendment:Apr 30, 1991 Last History Body:House Last History Date:Apr 30, 1991 Last History Type:Introduced, read first time, referred to Committee Scope of Legislation:Statewide All Sponsors:Mullinax Type of Legislation:General Bill
Bill Body Date Action Description CMN
---- ------ ------------ ------------------------------ ---
265 House Apr 30, 1991 Introduced, read first time, 30
referred to Committee
265 Senate Apr 30, 1991 Amended, read third time,
sent to House
265 Senate Apr 29, 1991 Read second time, unanimous
consent for third reading on
Tuesday, April 30
265 Senate Apr 29, 1991 Recalled from Committee 06
265 Senate Jan 08, 1991 Introduced and read first 06
time, referred to Committee
265 Senate Oct 29, 1990 Prefiled, referred to 06
Committee
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AS PASSED BY THE SENATE
April 30, 1991
S. 265
S. Printed 4/30/91--S.
Read the first time January 8, 1991.
TO AMEND SECTION 12-37-930, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE VALUATION OF PROPERTY FOR TAXATION AND THE DEPRECIATION ALLOWANCES FOR A MANUFACTURER'S MACHINERY AND EQUIPMENT, SO AS TO PROVIDE FOR THE CIRCUMSTANCES UNDER WHICH AN ADJUSTMENT MAY BE MADE IN THE ALLOWANCE IN THE YEAR OF ACQUISITION.
Amend Title To Conform
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 12-37-930 of the 1976 code is amended by adding at the end:
"Notwithstanding this section, an adjustment must be made in the percentage allowance for depreciation of the property, including property of a corporation if the stock of the corporation is acquired in one purchase transaction by a buyer, for the year of acquisition if:
(1) The tangible personal property value as depreciated for property tax purposes is overstated by seventy-five percent or more on account of extraordinary obsolescence.
(2) Within thirty days after the date of acquisition, or within thirty days after this paragraph becomes law, whichever is later, the buyer, or if a stock purchase the owner, files a new property tax return which includes the gross capitalized cost at the values to be used in the buyer's income tax return or to be used by the owner for financial accounting purposes.
Notwithstanding this section, a corporation which acquired eight or more existing textile manufacturing facilities in South Carolina which employed at the time of acquisition a total of 3,500 or more employees may elect to maintain the tax basis for personal property of the acquired textile manufacturing facilities. This section also applies to wholly-owned subsidiaries of the corporation which may have acquired any of the eight textile manufacturing facilities from the corporation in a tax free transaction pursuant to Section 351 of the Internal Revenue Code of 1986, as amended."
SECTION 2. No tax refund may be paid for a tax year before 1991 pursuant to the amendment to Section 12-37-930 in Section 1 of this act.
SECTION 3. Upon approval by the Governor, the amendment to Section 12-37-930, in Section 1 of this act, is effective with respect to acquisitions after May 1, 1988.