South Carolina General Assembly
114th Session, 2001-2002

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Bill 3576

Indicates Matter Stricken
Indicates New Matter

                    Current Status

Bill Number:                      3576
Type of Legislation:              General Bill GB
Introducing Body:                 House
Introduced Date:                  20010215
Primary Sponsor:                  Bowers
All Sponsors:                     Bowers
Drafted Document Number:          l:\council\bills\dka\4034mm01.doc
Residing Body:                    House
Current Committee:                Ways and Means Committee 30 HWM
Subject:                          Property tax exemptions, new businesses 
                                  in S.C.; Businesses and Corporations, Taxation


                        History

Body    Date      Action Description                     Com     Leg Involved
______  ________  ______________________________________ _______ ____________
House   20010215  Introduced, read first time,           30 HWM
                  referred to Committee


              Versions of This Bill
View additional legislative information at the LPITS web site.

(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

A 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 387 of 2000, 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, 2001, 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, 2001.

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