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1225Type of Legislation: General Bill GBIntroducing Body: SenateIntroduced Date: 20020417Primary Sponsor: LeathermanAll Sponsors: LeathermanDrafted Document Number: l:\council\bills\gjk\21294htc02.docResiding Body: SenateCurrent Committee: Finance Committee 06 SFSubject: Housing to low or very low income residents, property tax exemption for all property of nonprofit housing corporation devoted to providingHistory Body Date Action Description Com Leg Involved ______ ________ ______________________________________ _______ ____________ Senate 20020417 Introduced, read first time, 06 SF referred to Committee 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 EXEMPT PROPERTY OF NONPROFIT HOUSING CORPORATIONS AND THEIR SOLELY-OWNED INSTRUMENTALITIES WHICH IS DEVOTED TO PROVIDING HOUSING TO LOW OR VERY LOW INCOME RESIDENTS SUBJECT TO SATISFYING THE REQUIREMENTS OF REVENUE PROCEDURE 96-32.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 12-37-220(B)(11) of the 1976 Code is amended by adding a subitem at the end to read:
"(e) All property of nonprofit housing corporations or solely-owned instrumentalities of these corporations which is devoted to providing housing to low or very low income residents. A nonprofit housing corporation must satisfy the safe harbor provisions of Revenue Procedure 96-32 issued by the Internal Revenue Service to qualify for this exemption."
SECTION 2. This act takes effect upon approval by the Governor and applies for property tax years beginning after 2001.
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