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1263Ratification Number: 307Act Number: 279Type of Legislation: General Bill GBIntroducing Body: SenateIntroduced Date: 20000321Primary Sponsor: LeathermanAll Sponsors: LeathermanDrafted Document Number: l:\council\bills\bbm\9413htc00.docDate Bill Passed both Bodies: 20000428Governor's Action: SDate of Governor's Action: 20000519Subject: County property taxes, fee in lieu of; industrial development, pharmaceutical company projects; Businesses, TaxationHistory Body Date Action Description Com Leg Involved ______ ________ ______________________________________ _______ ____________ ------ 20000606 Act No. A279 ------ 20000519 Signed by Governor ------ 20000516 Ratified R307 House 20000428 Read third time, enrolled for ratification House 20000427 Read second time, unanimous consent for third reading on Friday, 20000428 House 20000425 Introduced, read first time, placed on Calendar without reference Senate 20000420 Read third time, sent to House Senate 20000419 Read second time, notice of general amendments ------ 20000418 Scrivener's error corrected Senate 20000413 Recalled from Committee, 06 SF placed on the Calendar Senate 20000321 Introduced, read first time, 06 SF referred to Committee Versions of This Bill Revised on April 13, 2000 - Word format Revised on April 18, 2000 - Word format Revised on April 25, 2000 - Word format
(A279, R307, S1263)
AN ACT TO AMEND SECTION 4-29-67, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE FEE IN LIEU OF PROPERTY TAXES ALLOWED FOR CERTAIN INDUSTRIAL DEVELOPMENT PROJECTS, SO AS TO PROVIDE AN ALTERNATIVE METHOD FOR DETERMINING THE FAIR MARKET VALUE OF A PHARMACEUTICAL COMPANY PROJECT WITH MORE THAN A FOUR HUNDRED MILLION DOLLAR INVESTMENT.
Be it enacted by the General Assembly of the State of South Carolina:
Alternate fair market value
SECTION 1. Section 4-29-67 of the 1976 Code, as last amended by Act 114 of 1999, is further amended by adding a new subsection at the end to read:
"(BB) Notwithstanding any other provision of this section, the fair market value of property of a pharmaceutical company investing more than four hundred million dollars in one county in this State is the lower of the fair market value estimate (1) as determined pursuant to subsection (D)(2)(a)(i) or (ii), or (2) as determined by the county in which the investment is located as follows:
(a) for real property, using the original income tax basis for South Carolina income tax purposes without regard to depreciation, less any such basis amount attributable to cost overruns, including capitalized interest overruns; and
(b) for personal property, using the original income tax basis for South Carolina income tax purposes, less any such basis amount attributable to cost overruns, including capitalized interest overruns, and less depreciation allowable for property tax purposes, except that the investor is not entitled to any extraordinary obsolescence.
This subsection applies only to property placed in service before January 1, 2000."
SECTION 2. This act takes effect upon approval by the Governor and applies to fee payments due after June 30, 2000.
Ratified the 16th day of May, 2000.
Approved the 19th day of May, 2000.
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