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TO AMEND SECTION 12-37-220(B) OF THE 1976 CODE, RELATING TO GENERAL EXEMPTIONS FROM TAXES, TO PROVIDE AN EXEMPTION FROM AD VALOREM TAXATION FOR ALL PROPERTY OWNED BY COUNTY FAIR ASSOCIATIONS OR SOCIETIES AND FOR FAIRGROUNDS OWNED AND OPERATED BY AGRICULTURAL OR MECHANICAL SOCIETIES PROVIDED THAT THE FAIRGROUNDS ARE NOT USED FOR PROFIT.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 12-37-220(B) of the 1976 Code is amended by adding appropriately numbered new subsections to read:
"( ) All property owned by county fair associations or societies.
( ) Fairgrounds owned and operated by agricultural or mechanical societies provided that the fairgrounds are not used for profit."
SECTION 2. This act takes effect upon approval by the Governor.
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