Current Status Bill Number:4073 Type of Legislation:General Bill GB Introducing Body:House Introduced Date:19950412 Primary Sponsor:Fleming All Sponsors:Fleming Drafted Document Number:gjk\21707sd.95 Residing Body:House Current Committee:Ways and Means Committee 30 HWM Subject:Nonprofit organizations
Body Date Action Description Com Leg Involved
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House 19950412 Introduced, read first time, 30 HWM
referred to Committee
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TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 33-56-25 SO AS TO PROVIDE THAT PROFITS MADE BY NONPROFIT ELEEMOSYNARY CORPORATIONS WHICH ARE USED FOR THE PURPOSES OF THE ORGANIZATION ARE NOT SUBJECT TO TAXATION.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. The 1976 Code is amended by adding:
"Section 33-56-25. The profits made by nonprofit eleemosynary corporations which are used for the purposes of the organization are not subject to taxation as follows:
SECTION 2. This act takes effect upon approval by the Governor.