Download This Version in Microsoft Word format
Indicates Matter Stricken
Indicates New Matter
COMMITTEE REPORT
May 17, 2006
H. 4426
S. Printed 5/17/06--S.
Read the first time April 26, 2006.
To whom was referred a Bill (H. 4426) 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, etc., respectfully
That they have duly and carefully considered the same and recommend that the same do pass:
HUGH K. LEATHERMAN, SR. for Committee.
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, A ELEEMOSYNARY, EDUCATIONAL, OR LITERACY 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:
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.
This web page was last updated on Tuesday, June 23, 2009 at 2:36 P.M.