Current Status Bill Number:
4007Type of Legislation: General Bill GBIntroducing Body: HouseIntroduced Date: 19950412Primary Sponsor: Keyserling,All Sponsors: Keyserling, Harvin, Cotty, Kirsh, Littlejohn, Cave, White, Witherspoon, Rhoad, Rogers, Simrill, Haskins, Knotts, Wilder, Riser, Richardson, McElveen and JenningsDrafted Document Number: jic\5708htc.95Residing Body: HouseCurrent Committee: Ways and Means Committee 30 HWMSubject: Property depreciation, fair market value of vehicle
Body Date Action Description Com Leg Involved ______ ________ _______________________________________ _______ ____________ House 19950412 Introduced, read first time, 30 HWM referred to CommitteeView additional legislative information at the LPITS web site.
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.