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A383, R429, H4737
Sponsors: Reps. Edge, Clemmons, Mitchell, Bales, Chalk, Hiott, Rice, Sandifer, Kirsh, E.H. Pitts, J. Brown, Huggins, R. Brown and Cobb-Hunter
Document Path: l:\council\bills\gjk\20873sd06.doc
Introduced in the House on February 28, 2006
Introduced in the Senate on April 26, 2006
Passed by the General Assembly on June 1, 2006
Became law without Governor's signature, June 14, 2006
Summary: Income tax credits for low-income housing
HISTORY OF LEGISLATIVE ACTIONS
Date Body Action Description with journal page number ------------------------------------------------------------------------------- 2/28/2006 House Introduced and read first time HJ-27 2/28/2006 House Referred to Committee on Ways and Means HJ-27 3/1/2006 House Member(s) request name added as sponsor: Kirsh, E.H.Pitts 3/15/2006 House Member(s) request name added as sponsor: J.Brown, Huggins, R.Brown 3/16/2006 House Member(s) request name added as sponsor: Cobb-Hunter 4/20/2006 House Committee report: Favorable Ways and Means HJ-12 4/25/2006 House Read second time HJ-110 4/26/2006 House Read third time and sent to Senate HJ-21 4/26/2006 Senate Introduced and read first time SJ-12 4/26/2006 Senate Referred to Committee on Finance SJ-12 5/12/2006 Senate Referred to Subcommittee: O'Dell (ch), Peeler, Reese, Short, Fair, Verdin 5/17/2006 Senate Committee report: Favorable Finance SJ-14 5/31/2006 Senate Read second time SJ-135 6/1/2006 Senate Read third time and enrolled SJ-39 6/7/2006 Ratified R 429 6/14/2006 Became law without Governor's signature 6/20/2006 Copies available 6/20/2006 Effective date See Act for Effective Date 6/23/2006 Act No. 383
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VERSIONS OF THIS BILL
(A383, R429, H4737)
AN ACT TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 12-37-225 SO AS TO PROVIDE THAT FEDERAL OR STATE INCOME TAX CREDITS FOR LOW INCOME HOUSING MAY NOT BE CONSIDERED WITH RESPECT TO THE VALUATION OF REAL PROPERTY OR IN DETERMINING THE FAIR MARKET VALUE OF REAL PROPERTY FOR PROPERTY TAX PURPOSES, AND TO PROVIDE THAT FOR PROPERTIES THAT HAVE DEED RESTRICTIONS IN EFFECT THAT PROMOTE OR PROVIDE FOR LOW INCOME HOUSING, THE INCOME APPROACH MUST BE THE METHOD OF VALUATION TO BE USED.
Be it enacted by the General Assembly of the State of South Carolina:
Method of valuation; factors not to be considered
SECTION 1. Chapter 37, Title 12 of the 1976 Code is amended by adding:
"Section 12-37-225. (A) Federal or state income tax credits for low income housing may not be taken into consideration with respect to the valuation of real property or in determining the fair market value of real property for property tax purposes. For properties that have deed restrictions in effect that promote or provide for low income housing, the income approach must be the method of valuation to be used.
(B) For purposes of this section, 'low income housing' means housing intended for occupancy by households with incomes not exceeding eighty percent of area median income, adjusted for household size, as determined by the United States Department of Housing and Urban Development."
SECTION 2. This act takes effect upon approval by the Governor and is effective beginning with taxes to be assessed for the year of its enactment.
Ratified the 7th day of June, 2006.
Became law without the signature of the Governor -- 6/14/06.
This web page was last updated on Friday, December 4, 2009 at 3:51 P.M.