South Carolina General Assembly
111th Session, 1995-1996

Bill 3880


Indicates Matter Stricken
Indicates New Matter


                    Current Status

Bill Number:                       3880
Type of Legislation:               General Bill GB
Introducing Body:                  House
Introduced Date:                   19950328
Primary Sponsor:                   Townsend, 
All Sponsors:                      Townsend, Cooper, Stille and
                                   P. Harris 
Drafted Document Number:           DKA\3840CM.95
Residing Body:                     House
Current Committee:                 Ways and Means Committee 30
                                   HWM
Subject:                           Property, depreciation
                                   allowances



History


Body    Date      Action Description                       Com     Leg Involved
______  ________  _______________________________________  _______ ____________

House   19950328  Introduced, read first time,             30 HWM
                  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 SECTION 12-37-930, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE VALUATION OF PROPERTY, DEPRECIATION ALLOWANCES FOR MANUFACTURER'S MACHINERY AND EQUIPMENT, AND THE DEPARTMENT OF REVENUE AND TAXATION'S AUTHORITY TO ADJUST DEPRECIATION ALLOWANCES, SO AS TO PROVIDE A PROCEDURE TO ESTABLISH THE FAIR MARKET VALUE OF A MOTOR VEHICLE LICENSED BY THE DEPARTMENT.

Be it enacted by the General Assembly of the State of South Carolina:

SECTION 1. The paragraph preceding the schedule contained in Section 12-37-930 of the 1976 Code is amended to read:

"All property shall must be valued for taxation at its true value in money which in all cases shall be held to be is the price which the property would bring following reasonable exposure to the market, where both the seller and the buyer are willing, are not acting under compulsion, and are reasonably well informed as to of the uses and purposes for which it is adapted and for which it is capable of being used. The fair market value for motor vehicles licensed by the Department of Revenue and Taxation must be based on values derived from a nationally recognized publication of vehicle valuations, except that the value may not exceed ninety-five percent of the prior year's value. Provided, However, that acreage allotments or marketing quota allotments for any a commodity as established under any a program of the United States Department of Agriculture shall be is classified as incorporeal hereditaments and the market value of any real property to which they are attached shall may not include the value, if any, of such the acreage allotment or marketing quota. Provided, further, Fair market value of manufacturer's machinery and equipment used in the conduct of the manufacturing business, excluding, however, vehicles licensed by the Highway Department of Transportation, boats and airplanes shall must be determined by reducing the original cost by an annual allowance for depreciation as stated in the following schedule."

SECTION 2. This act takes effect upon approval by the Governor.

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