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A360, R416, H4426
Sponsors: Reps. Thompson and Martin
Document Path: l:\council\bills\bbm\9106htc06.doc
Introduced in the House on January 12, 2006
Introduced in the Senate on April 26, 2006
Passed by the General Assembly on June 1, 2006
Governor's Action: June 9, 2006, Signed
Summary: Property tax exemption
HISTORY OF LEGISLATIVE ACTIONS
Date Body Action Description with journal page number ------------------------------------------------------------------------------- 1/12/2006 House Introduced and read first time HJ-22 1/12/2006 House Referred to Committee on Ways and Means HJ-23 4/20/2006 House Committee report: Favorable Ways and Means HJ-7 4/25/2006 House Read second time HJ-79 4/26/2006 House Read third time and sent to Senate HJ-19 4/26/2006 Senate Introduced and read first time SJ-7 4/26/2006 Senate Referred to Committee on Finance SJ-7 5/5/2006 Senate Referred to Subcommittee: Hayes (ch), Land, Courson, Matthews, Grooms, Richardson 5/17/2006 Senate Committee report: Favorable Finance SJ-11 5/31/2006 Senate Read second time SJ-134 6/1/2006 Senate Read third time and enrolled SJ-38 6/7/2006 Ratified R 416 6/9/2006 Signed By Governor 6/16/2006 Copies available 6/16/2006 Effective date See Act for Effective Date 6/23/2006 Act No. 360
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VERSIONS OF THIS BILL
(A360, R416, H4426)
AN ACT TO AMEND SECTION 12-37-220, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO PROPERTY TAX EXEMPTIONS, SO AS TO PROVIDE THAT WHEN AN ENTITY EXEMPT FROM PROPERTY TAX AS A NONPROFIT CORPORATION FUNDED BY FEDERAL OR STATE LOANS OR AS A RELIGIOUS, CHARITABLE, ELEEMOSYNARY, EDUCATIONAL, OR LITERARY ORGANIZATION LEASES PROPERTY OWNED BY IT TO SIMILARLY PROPERTY TAX EXEMPT ENTITIES, THE LEASED PORTION OF THE PROPERTY IS EXEMPT FROM PROPERTY TAX.
Be it enacted by the General Assembly of the State of South Carolina:
Property tax exemption extended
SECTION 1. Section 12-37-220 of the 1976 Code, as last amended by Act 161 of 2005, is further amended by adding an appropriately lettered subsection at the end to read:
"(E) If an entity owns property a portion of which qualifies for an exemption under subsections (A)(4) or (B)(16)(a) of this section and a portion of which is leased to one or more separate entities and that property would be exempt under subsections (A)(4) or (B)(16) of this section if the entity leasing the property owned the property, then any portion of the property that is leased to such entity is exempt from property taxes."
SECTION 2. This act takes effect upon approval by the Governor and applies for property tax years beginning after 2005.
Ratified the 7th day of June, 2006.
Approved the 9th day of June, 2006.
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