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INTRODUCED
April 25, 2000
S. 1263
S. Printed 4/25/00--H.
Read the first time April 25, 2000.
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:
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 (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.
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