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Current Status Bill Number:View additional legislative information at the LPITS web site.3203 Type of Legislation:General Bill GB Introducing Body:House Introduced Date:19990112 Primary Sponsor:Bowers All Sponsors:Bowers Drafted Document Number:l:\council\bills\dka\3090mm99.doc Residing Body:House Current Committee:Ways and Means Committee 30 HWM Subject:Income tax credits, certain new businesses in state granted History Body Date Action Description Com Leg Involved ______ ________ ______________________________________ _______ ____________ House 19990112 Introduced, read first time, 30 HWM referred to Committee House 19990106 Prefiled, referred to Committee 30 HWM Versions of This Bill
TO AMEND SECTION 12-37-220, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO PROPERTY TAX EXEMPTIONS, SO AS TO GRANT AN EXEMPTION TO CERTAIN NEW BUSINESSES IN THIS STATE.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 12-37-220(B) of the 1976 Code, as last amended by Act 149 of 1997, is further amended by adding an appropriately numbered item to read:
"( ) personal property otherwise taxable except that it is owned by a business which initiates operation in this State after July 1, 1999, or had been in operation less than twelve months before that date, and has not or does not qualify for economic assistance, tax credits, or other incentives available pursuant to any other economic development act provided in this State. This exemption is effective for the first five years of its operation."
SECTION 2. Upon approval by the Governor, this act takes effect July 1, 1999.
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