South Carolina General Assembly
116th Session, 2005-2006

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S. 1108

STATUS INFORMATION

General Bill
Sponsors: Senators Campsen, Sheheen and Grooms
Document Path: l:\council\bills\gjk\20773sd06.doc
Companion/Similar bill(s): 4594

Introduced in the Senate on February 1, 2006
Introduced in the House on March 8, 2006
Last Amended on March 2, 2006
Currently residing in the House Committee on Ways and Means

Summary: Timber deed

HISTORY OF LEGISLATIVE ACTIONS 

     Date      Body   Action Description with journal page number
-------------------------------------------------------------------------------
    2/1/2006  Senate  Introduced and read first time SJ-32
    2/1/2006  Senate  Referred to Committee on Finance SJ-32
    3/1/2006  Senate  Committee report: Favorable with amendment Finance SJ-24
    3/2/2006  Senate  Amended SJ-20
    3/2/2006  Senate  Read second time SJ-20
    3/3/2006          Scrivener's error corrected
    3/7/2006  Senate  Read third time and sent to House SJ-10
    3/8/2006  House   Introduced and read first time HJ-6
    3/8/2006  House   Referred to Committee on Ways and Means HJ-6

View the latest legislative information at the LPITS web site

VERSIONS OF THIS BILL

2/1/2006
3/1/2006
3/2/2006
3/3/2006

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

COMMITTEE AMENDMENT ADOPTED

March 2, 2006

S. 1108

Introduced by Senators Campsen, Sheheen and Grooms

S. Printed 3/2/06--S.    [SEC 3/3/06 12:12 PM]

Read the first time February 1, 2006.

            

A BILL

TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 12-6-5595 SO AS TO PROVIDE THAT FOR PURPOSES OF THE NONRECOGNITION OF GAIN UNDER SECTION 1031 OF THE INTERNAL REVENUE CODE AND COMPARABLE PROVISIONS OF STATE LAW, THE CONVEYANCE BY TIMBER DEED OF THE RIGHT TO CUT STANDING TIMBER IS CONSIDERED A CONVEYANCE OF A REAL PROPERTY INTEREST AND AS SUCH UNDER THE LAWS OF THIS STATE IS A LIKE-KIND EXCHANGE WITH OTHER SIMILAR CONVEYANCES OF A REAL PROPERTY INTEREST OR WITH CONVEYANCES OF SIMILAR INVESTMENT REAL PROPERTY OWNED IN FEE SIMPLE.

Amend Title To Conform

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

SECTION    1.    Chapter 6, Title 12 of the 1976 Code is amended by adding:

"Section 12-6-5595.    For purposes of the nonrecognition of gain under Section 1031 of the Internal Revenue Code and comparable provisions of state law, the conveyance by timber deed of the right to cut standing timber for a period of time exceeding thirty years is considered a conveyance of a real property interest, and as such, under the laws of this State, is a like-kind exchange with other similar conveyances of a real property interest or with conveyances of similar investment real property owned in fee simple."

SECTION    2.    This act takes effect upon approval by the Governor.

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