Current Status Bill Number:3894 Type of Legislation:General Bill GB Introducing Body:House Introduced Date:19950329 Primary Sponsor:McCraw, All Sponsors:McCraw, Meacham, Kirsh, Simrill and Delleney Drafted Document Number:jic\5702htc.95 Residing Body:House Current Committee:Ways and Means Committee 30 HWM Subject:Property depreciation, computers
Body Date Action Description Com Leg Involved
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House 19950329 Introduced, read first time, 30 HWM
referred to Committee
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TO AMEND SECTION 12-37-930, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE VALUATION OF PROPERTY AND THE ANNUAL DEPRECIATION ALLOWED FOR MANUFACTURER'S MACHINERY AND EQUIPMENT FOR PURPOSES OF THE PROPERTY TAX, SO AS TO PROVIDE AN ANNUAL DEPRECIATION ALLOWANCE OF THIRTY PERCENT FOR ELECTRONIC INTERCONNECTION COMPONENT ASSEMBLY DEVICES FOR COMPUTERS AND COMPUTER PERIPHERALS AND TO ALLOW ORIGINAL COST OF THE CUSTOM MOLDS AND DIES USED TO MANUFACTURE SUCH DEVICES TO BE REDUCED BY NINETY PERCENT AND TO PROVIDE DEFINITIONS.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. A. Item 6 of the schedule contained in the first paragraph of Section 12-37-930 of the 1976 Code is amended by adding at the end:
"(c) Electronic Interconnection Component Assembly Devices for Computers and Computer Peripherals.......................30%
Includes the manufacture of interconnection component assemblies and devices which are incorporated in computers or computer peripherals. Computer peripherals include tape drives, compact disk read-only memory systems, hard disks, drivers, tape streamers, monitors, printers, and power supplies."
B. The penultimate paragraph of Section 12-37-930 of the 1976 Code, as last amended by Act 516 of 1994, is further amended to read:
"In no event may the original cost be reduced more than eighty percent, except this limit is ninety percent for custom molds and dies used in the conduct of manufacturing electronic interconnection component assembly devices for computers and computer peripherals. In the year of acquisition, depreciation is allowed as if the property were owned for the full year. The term `original cost' means gross capitalized cost, including property on which the taxpayer made the election allowed pursuant to Section 179 of the Internal Revenue Code of 1986, as shown by the taxpayer's records for income tax purposes. For purposes of this paragraph, custom molds and dies used in the conduct of manufacturing electronic interconnection component assembly devices for computers and computer peripherals are molds and dies designed, produced, and conditioned to the special order of a manufacturer."
SECTION 2. This act takes effect upon approval by the Governor.