Download This Version in Microsoft Word format
Indicates Matter Stricken
Indicates New Matter
COMMITTEE REPORT
May 15, 2007
H. 3008
S. Printed 5/15/07--H.
Read the first time January 9, 2007.
To whom was referred a Bill (H. 3008) 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, etc., respectfully
That they have duly and carefully considered the same and recommend that the same do pass with amendment:
Amend the bill, as and if amended, beginning on page 1, by striking SECTION 1 and inserting
/ 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) and which qualifies as a tax exempt organization pursuant to Internal Revenue Code Section 501(c)(3), 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. Real property donated to the organization which receives the exemption allowed pursuant to this subitem is allowed the exemption for no more than three consecutive property tax years. If real property acquired by the organization by purchase receives the exemption allowed pursuant to this subitem and is subsequently sold without ever having been put to the exempt use, the exemption allowed pursuant to this subitem is deemed terminated as of December thirty-first preceding the year of sale and the property is subject to property tax for the year of sale to which must be added a recapture amount equal to the property tax that would have been due on the real property for not more than the four preceding years in which the real property received the exemption allowed pursuant to this subitem. The recapture amount is deemed property tax for all purposes for payment and collection." /
Renumber sections to conform.
Amend title to conform.
DANIEL T. COOPER 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 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.
This web page was last updated on Monday, June 22, 2009 at 2:33 P.M.