Download This Bill in Microsoft Word format
A248, R253, H4594
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
(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."
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.
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