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A248, R253, H4594

STATUS INFORMATION

General Bill
Sponsors: Reps. Vick, Witherspoon, Clemmons and Hardwick
Document Path: l:\council\bills\gjk\20772sd06.doc
Companion/Similar bill(s): 1108

Introduced in the House on February 2, 2006
Introduced in the Senate on February 9, 2006
Last Amended on March 2, 2006
Passed by the General Assembly on March 8, 2006
Governor's Action: March 17, 2006, Signed

Summary: Timber deed

HISTORY OF LEGISLATIVE ACTIONS

     Date      Body   Action Description with journal page number
-------------------------------------------------------------------------------
    2/2/2006  House   Introduced, read first time, placed on calendar without 
                        reference HJ-4
    2/8/2006  House   Read second time HJ-24
    2/9/2006  House   Read third time and sent to Senate HJ-12
    2/9/2006  Senate  Introduced and read first time SJ-11
    2/9/2006  Senate  Referred to Committee on Finance SJ-11
    3/2/2006  Senate  Recalled from Committee on Finance SJ-2
    3/2/2006  Senate  Amended SJ-2
    3/2/2006  Senate  Read second time SJ-2
    3/2/2006  Senate  Unanimous consent for third reading on next legislative 
                        day SJ-2
    3/3/2006  Senate  Read third time and returned to House with amendments 
                        SJ-1
    3/3/2006          Scrivener's error corrected
    3/8/2006  House   Concurred in Senate amendment and enrolled HJ-25
   3/14/2006          Ratified R 253
   3/17/2006          Signed By Governor
   3/23/2006          Copies available
   3/23/2006          Effective date 03/17/06
    4/5/2006          Act No. 248

View the latest legislative information at the LPITS web site

VERSIONS OF THIS BILL

2/2/2006
2/2/2006-A
3/2/2006
3/3/2006

(A248, R253, H4594)

AN ACT 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 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.

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

Timber deeds considered real property conveyance

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."

Time effective

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

Ratified the 14th day of March, 2006.

Approved the 17th day of March, 2006.

This web page was last updated on Friday, December 4, 2009 at 3:50 P.M.