Current Status Bill Number:533 Ratification Number:109 Act Number:69 Type of Legislation:General Bill GB Introducing Body:Senate Introduced Date:19950216 Primary Sponsor:Finance Committee SF 06 All Sponsors:Finance Committee Drafted Document Number:JIC\5408HTC.95 Date Bill Passed both Bodies:19950524 Date of Last Amendment:19950523 Governor's Action:S Date of Governor's Action:19950612 Subject:Property tax exemptions
Body Date Action Description Com Leg Involved
______ ________ _______________________________________ _______ ____________
------ 19950612 Act No. A69
------ 19950612 Signed by Governor
------ 19950606 Ratified R109
House 19950524 Concurred in Senate amendment,
enrolled for ratification
Senate 19950523 Amended, read third time,
returned to House with amendments
Senate 19950523 Reconsidered vote whereby
concurred in House amendment
and enrolled for ratification
Senate 19950523 Recalled from Legislative Council
Senate 19950518 Concurred in House amendment,
enrolled for ratification
House 19950518 Read third time, returned to Senate
with amendment
House 19950517 Read second time
House 19950517 Amended
House 19950517 Objection withdrawn by Representative Kirsh
House 19950503 Objection by Representative Sheheen
Cave
Kirsh
White
Cobb-Hunter
House 19950502 Debate adjourned until
Wednesday, 19950503
House 19950426 Debate adjourned until
Tuesday, 19950502
House 19950426 Amended
House 19950420 Committee report: Favorable 30 HWM
House 19950223 Introduced, read first time, 30 HWM
referred to Committee
Senate 19950222 Read third time, sent to House
Senate 19950221 Read second time, unanimous consent
for third reading on Wednesday,
19950222
Senate 19950216 Introduced, read first time,
placed on Calendar without reference
View additional legislative information at the LPITS web site.
(A69, R109, S533)
AN ACT TO AMEND SECTION 12-37-220, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO PROPERTY TAX EXEMPTIONS, SO AS TO ALLOW A GOVERNING BODY OF A MUNICIPALITY BY ORDINANCE TO EXEMPT FROM MUNICIPAL AD VALOREM TAX FOR NOT MORE THAN FIVE YEARS PROPERTY LOCATED IN THE MUNICIPALITY RECEIVING THE FIVE-YEAR EXEMPTION FROM COUNTY AD VALOREM TAXES AS NEW CORPORATE HEADQUARTERS, CORPORATE OFFICE FACILITIES, DISTRIBUTION FACILITIES, RESEARCH AND DEVELOPMENT FACILITIES, AND ADDITIONS TO SUCH FACILITIES, AND PROVIDE THE CIRCUMSTANCES UNDER WHICH THE FIVE-YEAR ABATEMENT OF COUNTY TAXES ON MANUFACTURING PROPERTY AND CORPORATE HEADQUARTERS AND DISTRIBUTION FACILITIES EXTENDS TO AN UNRELATED PURCHASER FOR VALUE; TO AMEND SECTION 12-37-930, AS AMENDED, RELATING TO THE VALUATION OF PROPERTY FOR PURPOSES OF PROPERTY TAX AND DEPRECIATION OF TAXABLE PROPERTY, SO AS TO PROVIDE THAT THE VALUE OF TITLED MOTOR VEHICLES MUST BE DERIVED FROM A NATIONAL PUBLICATION OF SUCH VALUES WITH A MINIMUM FIVE PERCENT A YEAR DEPRECIATION, AND TO EXTEND UNTIL JANUARY 15, 1996, THE TIME FOR FILING FOR AGRICULTURAL USE VALUE FOR THE 1994 TAX YEAR.
Be it enacted by the General Assembly of the State of South Carolina:
Exemption authorized
SECTION 1. Section 12-37-220(B) of the 1976 Code is amended by adding an appropriately numbered item to read:
"( ) the governing body of a municipality may by ordinance exempt from municipal ad valorem taxes for not more than five years property located in the municipality receiving the exemptions from county ad valorem taxes allowed pursuant to items (32) and (34) of this subsection."
Valuation
SECTION 2. A. The paragraph preceding the schedule contained in Section 12-37-930 of the 1976 Code is amended to read:
"All property must be valued for taxation at its true value in money which in all cases 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 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. However, acreage allotments or marketing quota allotments for a commodity established under a program of the United States Department of Agriculture is classified as incorporeal hereditaments and the market value of real property to which they are attached may not include the value, if any, of the acreage allotment or marketing quota. Fair market value of manufacturer's machinery and equipment used in the conduct of the manufacturing business, excluding vehicles licensed by the Department of Transportation, boats and airplanes must be determined by reducing the original cost by an annual allowance for depreciation as stated in the following schedule."
B. This section takes effect upon approval by the Governor.
Abatement extended
SECTION 3. Section 12-37-220 of the 1976 Code, as last amended by Part II, Sections 77 and 100 of Act 497 of 1994, is further amended by adding at the end:
"(C) Upon approval by the governing body of the county, the five-year partial exemption allowed pursuant to subsections (A)(7) and (B)(32) is extended to an unrelated purchaser who acquires the facilities in an arms-length transaction and who preserves the existing facilities and existing number of jobs. The partial exemption applies for the purchaser for five years if the purchaser otherwise meets the exemption requirements."
Deadline extended
SECTION 4. A. Notwithstanding the provisions of Section 12-43-220(d)(3) of the 1976 Code, the deadline for filing for agricultural use value for property owned as of December 1, 1993, is extended to January 15, 1996.
B. This section takes effect upon approval by the Governor.
Time effective
SECTION 5. This act takes effect on the ratification of a constitutional amendment authorizing the exemption allowed by this act.
Approved the 12th day of June, 1995.