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Bill 1263

                    Current Status

Bill Number:                      1263
Ratification Number:              307
Act Number:                       279
Type of Legislation:              General Bill GB
Introducing Body:                 Senate
Introduced Date:                  20000321
Primary Sponsor:                  Leatherman
All Sponsors:                     Leatherman
Drafted Document Number:          l:\council\bills\bbm\9413htc00.doc
Date Bill Passed both Bodies:     20000428
Governor's Action:                S
Date of Governor's Action:        20000519
Subject:                          County property taxes, fee in lieu of; 
                                  industrial development, pharmaceutical company 
                                  projects; Businesses, Taxation


                        History

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."

Time effective

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.

This web page was last updated on Wednesday, December 9, 2009 at 9:10 A.M.