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TO AMEND SECTION 12-6-1130, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO MODIFICATIONS OF TAXABLE INCOME FOR PURPOSES OF THE SOUTH CAROLINA INCOME TAX, SO AS TO ALLOW THE DEDUCTION OF ASSESSMENTS OTHER THAN PROPERTY TAXES IMPOSED ON REAL PROPERTY IN CONNECTION WITH PROVIDING SERVICES OR POTENTIAL SERVICES FOR THE BENEFIT OF THE PROPERTY OWNER, AND TO ALLOW THE DEDUCTION OF THE CHARGE FOR A PERMIT, LICENSE, OR FEE REQUIRED TO BE PAID TO A UNIT OF GOVERNMENT IN CONNECTION WITH IMPROVEMENTS TO REAL PROPERTY.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 12-6-1130 of the 1976 Code, as last amended by Act 161 of 2005, is further amended by adding an appropriately numbered item at the end to read:
"( )(a) An involuntary assessment imposed on real property by a jurisdiction authorized by law to impose property taxes or on whose behalf such taxes may be imposed which is not otherwise deductible in determining federal taxable income and which is imposed in connection with providing a service or potential service to the property owner, is allowed as a deduction.
(b) The charge for a permit, license, or other fee required to be paid to federal or state government or any political subdivision of this State in connection with improvements to real property or the maintenance or repair of improvements to real property, which is not otherwise deductible in determining federal taxable income, is allowed as a deduction."
SECTION 2. This act takes effect upon approval by the Governor and applies for taxable years beginning after 2007.
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