Current Status Introducing Body:
HouseBill Number: 3731Primary Sponsor: Cobb-HunterCommittee Number: 30Type of Legislation: GBSubject: Tax credit for leased propertyResiding Body: HouseCurrent Committee: Ways and MeansComputer Document Number: 436/12678AC.93Introduced Date: 19930317Last History Body: HouseLast History Date: 19930317Last History Type: Introduced, read first time, referred to CommitteeScope of Legislation: StatewideAll Sponsors: Cobb-Hunter Inabinett Whipper Waites Keyserling BeattyType of Legislation: General Bill
Bill Body Date Action Description CMN Leg Involved ____ ______ ____________ ______________________________ ___ ____________ 3731 House 19930317 Introduced, read first time, 30 referred to CommitteeView additional legislative information at the LPITS web site.
TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 12-7-1255 SO AS TO AUTHORIZE A TAX CREDIT OF TEN PERCENT OF THE ASSESSED VALUE FOR PROPERTY THAT IS LEASED ON A NONPROFIT BASIS FOR A GENERAL PUBLIC PURPOSE TO GOVERNMENT AGENCIES, POLITICAL SUBDIVISIONS OF THE STATE, OR TO AN ORGANIZATION EXEMPT UNDER SECTION 501(c)(3) OF THE INTERNAL REVENUE CODE.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. The 1976 Code is amended by adding:
"Section 12-7-1255. A taxpayer may claim against the tax due a credit of ten percent, not to exceed two thousand five hundred dollars, of the assessed value of property owned by the taxpayer that is leased on a nonprofit basis, to a state, county, or local government agency, to a county, municipality, or other political subdivision, or to an organization exempt from taxation under Section 501(c)(3) of the Internal Revenue Code so long as it is used for a general public purpose; however, this exemption does not apply to property used for warehousing."
SECTION 2. This act takes effect upon approval by the Governor and first applies to tax years beginning after 1993.