South Carolina General Assembly
114th Session, 2001-2002

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Bill 5030

Indicates Matter Stricken
Indicates New Matter

                    Current Status

Bill Number:                      5030
Type of Legislation:              General Bill GB
Introducing Body:                 House
Introduced Date:                  20020404
Primary Sponsor:                  Cooper
All Sponsors:                     Cooper
Drafted Document Number:          l:\council\bills\bbm\9008htc02.doc
Residing Body:                    House
Current Committee:                Ways and Means Committee 30 HWM
Subject:                          Housing to low or very low income 
                                  residents, property tax exemption for all 
                                  property of nonprofit housing corporations 
                                  devoted to providing


                        History

Body    Date      Action Description                     Com     Leg Involved
______  ________  ______________________________________ _______ ____________
House   20020404  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 EXEMPT ALL PROPERTY OF NONPROFIT HOUSING CORPORATIONS DEVOTED TO PROVIDING HOUSING TO LOW OR VERY LOW INCOME RESIDENTS AND TO ADOPT DEFINITIONS FOR PURPOSES OF THIS EXEMPTION PROVIDED IN INTERNAL REVENUE SERVICE 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 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. As defined in that document, low income means no more than eighty percent of the area median income and very low income means no more than fifty percent of the area median income, as these limits may be adjusted from time to time."

SECTION    2.    This act takes effect upon approval by the Governor and applies for property tax years beginning after 2001.

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