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Bill 3666

                    Current Status

Bill Number:                      3666
Type of Legislation:              Joint Resolution JR
Introducing Body:                 House
Introduced Date:                  20010306
Primary Sponsor:                  McLeod
All Sponsors:                     McLeod
Drafted Document Number:          l:\council\bills\bbm\9932htc01.doc
Residing Body:                    House
Current Committee:                Ways and Means Committee 30 HWM
Subject:                          Property tax assessment, four percent 
                                  ratio; maximum number of shareholders for 
                                  corporation to be eligible for; Business


                        History

Body    Date      Action Description                     Com     Leg Involved
______  ________  ______________________________________ _______ ____________
House   20010306  Introduced, read first time,           30 HWM
                  referred to Committee


              Versions of This Bill

PROPOSING AN AMENDMENT TO SECTION 1, ARTICLE X OF THE CONSTITUTION OF SOUTH CAROLINA, 1895, RELATING TO THE CLASSIFICATION OF PROPERTY AND APPLICABLE ASSESSMENT RATIOS FOR PURPOSES OF PROPERTY TAX, SO AS TO DELETE THE SPECIFIC LIMIT OF TEN SHAREHOLDERS FOR A CORPORATION TO BE ELIGIBLE FOR A FOUR PERCENT ASSESSMENT RATIO ON ITS AGRICULTURAL REAL PROPERTY AND PROVIDE THAT THE GENERAL ASSEMBLY SHALL PROVIDE BY LAW THE MAXIMUM NUMBER OF SHAREHOLDERS FOR A CORPORATION TO BE ELIGIBLE FOR SUCH AN ASSESSMENT RATIO.

Be it enacted by the General Assembly of the State of South Carolina:

SECTION    1. It is proposed that Section 1(4)(A)(i), Article X of the Constitution of this State be amended to read:

    "(i)    have more than ten shareholders than the General Assembly shall provide by law;"

SECTION    2.    The proposed amendment must be submitted to the qualified electors at the next general election for representatives. Ballots must be provided at the various voting precincts with the following words printed or written on the ballot:

    "Must Section 1, Article X of the Constitution of this State relating to the classification of property and applicable assessment ratios for purposes of property tax be amended so as to delete the specific limit of ten shareholders as the most shareholders a corporation may have for it to be eligible for a four percent assessment ratio on its agricultural real property and provide that the General Assembly shall provide by law the maximum number of shareholders a corporation may have to be eligible for the four percent assessment ratio?

Those voting in favor of the question shall deposit a ballot with a check or cross mark in the square after the word 'yes', and those voting against the question shall deposit a ballot with a check or cross mark in the square after the word 'No'."

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