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TO AMEND SECTION 12-43-220, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO CLASSIFICATION OF PROPERTY AND APPLICABLE ASSESSMENT RATIOS FOR PURPOSES OF THE PROPERTY TAX, SO AS TO INCREASE FROM TEN TO SEVENTY-FIVE THE MAXIMUM NUMBER OF SHAREHOLDERS A CORPORATION MAY HAVE TO BE ELIGIBLE FOR THE FOUR PERCENT ASSESSMENT RATIO ON ITS AGRICULTURAL REAL PROPERTY.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 12-43-220(d)(1)(A)(i) of the 1976 Code is amended to read:
"(i) Have more than ten seventy-five shareholders."
SECTION 2. This act takes effect upon ratification of an amendment to Section 1(4)(A)(i), Article X of the Constitution of this State providing that the General Assembly by law shall provide the maximum number of shareholders a corporation may have to be eligible for the four percent assessment ratio on its agricultural real property.
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