South Carolina General Assembly
110th Session, 1993-1994

Bill 3731


Indicates Matter Stricken
Indicates New Matter


                    Current Status

Introducing Body:               House
Bill Number:                    3731
Primary Sponsor:                Cobb-Hunter
Committee Number:               30
Type of Legislation:            GB
Subject:                        Tax credit for leased
                                property
Residing Body:                  House
Current Committee:              Ways and Means
Computer Document Number:       436/12678AC.93
Introduced Date:                19930317    
Last History Body:              House
Last History Date:              19930317    
Last History Type:              Introduced, read first time,
                                referred to Committee
Scope of Legislation:           Statewide
All Sponsors:                   Cobb-Hunter
                                Inabinett
                                Whipper
                                Waites
                                Keyserling
                                Beatty
Type of Legislation:            General Bill



History


Bill  Body    Date          Action Description              CMN  Leg Involved
____  ______  ____________  ______________________________  ___  ____________

3731  House   19930317      Introduced, read first time,    30
                            referred to Committee

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(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

A BILL

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.

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