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TO AMEND SECTION 31-3-570, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO TAX EXEMPTIONS FOR CITY HOUSING AUTHORITIES, SO AS TO PROVIDE THAT THE PROPERTY OF AN AUTHORITY INCLUDES CERTAIN LEASEHOLD INTERESTS IN AND IMPROVEMENTS TO PROPERTY OWNED BY AN ENTITY THAT PROVIDES HOUSING ACCOMMODATIONS TO PERSONS OF MODERATE TO LOW INCOME.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 31-3-570 of the 1976 Code is amended to read:
"Section 31-3-570. (A) The property of an authority is declared to be public property used for essential public and governmental purposes and such property of an authority shall be exempt from all taxes and special assessments of the city, the county, the State or any political subdivision thereof. In lieu of such taxes or special assessments, an authority may agree to make payments to the city or the county or any such political subdivision for improvements, services and facilities furnished by such city, county or political subdivision for the benefit of a housing project, but in no event shall such payments exceed the estimated cost to such city, county or political subdivision of the improvements, services or facilities to be so furnished.
(B) For purposes of subsection (A), the property of an authority includes all leasehold interests in and improvements to property owned by an entity that provides housing accommodations to persons of moderate to low income, and in which an affiliate or instrumentality of the authority is a general partner, managing member, or the equivalent; provided the property of an authority is entitled to a tax exemption equal to that percentage of the property restricted to occupancy by persons of moderate to low income."
SECTION 2. This act takes effect upon approval by the Governor.
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