Current Status Introducing Body:
HouseBill Number: 3940Committee Number: 30Type of Legislation: GBSubject: Redevelopment project, tax increment financingResiding Body: HouseComputer Document Number: JIC/5402.HCIntroduced Date: Apr 23, 1991Last History Body: HouseLast History Date: Apr 23, 1991Last History Type: Introduced, read first time, referred to CommitteeScope of Legislation: StatewideType of Legislation: General Bill
Bill Body Date Action Description CMN ---- ------ ------------ ------------------------------ --- 3940 House Apr 23, 1991 Introduced, read first time, 30 referred to CommitteeView additional legislative information at the LPITS web site.
TO AMEND SECTION 12-3-140, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE POWERS OF THE SOUTH CAROLINA TAX COMMISSION, SO AS TO PROVIDE THAT THE ASSESSED VALUE OF UTILITY CORPORATE OFFICE FACILITIES LOCATED IN A REDEVELOPMENT PROJECT AREA FOR PURPOSES OF TAX INCREMENT FINANCING MUST BE DETERMINED SEPARATELY AND ALLOCATED ENTIRELY TO THE TAX DISTRICT IN THE MUNICIPALITY WHERE THE REDEVELOPMENT PROJECT AREA IS LOCATED.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 12-3-140(17) of the 1976 Code, as last amended by Act 603 of 1990, is further amended to read:
"(17) Has the sole responsibility for the assessment, appraisal, and equalization of taxable values upon the property used in the conduct of their business of the following: franchises of street railway companies, mines, electric railways, telephone companies, water, heat, light and power companies, private car lines, pipeline companies, sewer companies, and airlines and must assess, appraise, and equalize all real and tangible personal property of manufacturers, headquarters, corporate office facilities, distribution facilities, and all additions to establishments. 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. However, the total asssessed value of a corporate office facility of a utility located in a redevelopment project area as defined in Section 31-6-30 must be determined separately and allocated entirely to the tax district in the municipality in which the redevelopment project area is located. 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. The Tax Commission shall appraise and assess property leased to any taxpayer under its jurisdiction in the name of the lessee when the unit method of valuation is used or when the taxpayer is an airline or private car line if the property is under the control of the taxpayer and the taxpayer is required to pay the tax."
SECTION 2. Upon approval by the Governor, this act is effective for tax years beginning after 1990.