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TO AMEND SECTION 12-37-220, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO PROPERTY TAX EXEMPTIONS, SO AS TO EXEMPT REAL PROPERTY OWNED BY A CHARITABLE ORGANIZATION WHICH IS NOT USED FOR THE ORGANIZATION'S MEETINGS OR THE ORGANIZATION'S TAX EXEMPT PURPOSES BUT WHICH IS HELD FOR FUTURE USE BY THE ORGANIZATION IN PURSUIT OF ITS EXEMPT PURPOSES OR WHICH IS HELD BY THE ORGANIZATION FOR INVESTMENT IN PURSUIT OF THE ORGANIZATION'S EXEMPT PURPOSES IF THIS REAL PROPERTY WHILE HELD IS NOT RENTED OR LEASED FOR A PURPOSE UNRELATED TO THE ORGANIZATION'S EXEMPT PURPOSES AND THE USE OF THE REAL PROPERTY DOES NOT INURE TO THE BENEFIT OF ANY PRIVATE STOCKHOLDER OR INDIVIDUAL.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 12-37-220(B)(16) of the 1976 Code is amended by adding a new subitem at the end of the item to read:
"(c) The exemption allowed pursuant to subitem (a) of this item extends to real property owned by an organization described in subitem (a) when the real property is held for a future use by the organization that would qualify for the exemption allowed pursuant to subitem (a) of this item or held for investment by the organization in sole pursuit of the organization's exempt purposes and while held this real property is not rented or leased for a purpose unrelated to the exempt purposes of the organization and the use of the real property does not inure to the benefit of any private stockholder or individual."
SECTION 2. This act takes effect upon approval by the Governor.
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