Bill 3825

                    Current Status

Bill Number:               3825
Ratification Number:       564
Act Number                 472
Introducing Body:          House
Subject:                   Relating to property exempt from ad
                           valorem taxation

(A472, R564, H3825)

AN ACT TO AMEND SECTION 12-37-220, CODE OF LAWS OF SOUTH CAROLINA, 1976, AS AMENDED, RELATING TO PROPERTY EXEMPT FROM AD VALOREM TAXATION, SO AS TO FURTHER DEFINE INVENTORIES OF MANUFACTURERS.

Whereas, the General Assembly finds that fuel inventories owned directly by public utilities have been exempt from ad valorem property taxation for many years. The General Assembly further finds that it is in the interest of the consumers of utility service that fuel inventories held by subsidiaries of utilities or by trusts or other entities for the use and benefit of public utilities should be accorded the same tax treatment. Now, therefore,

Be it enacted by the General Assembly of the State of South Carolina:

Inventories exempt from taxation

Section 1. Item (6) of subsection A of Section 12-37-220 of the 1976 Code, as last amended by Act 621 of 1978, is further amended to read:

"(6) all inventories of manufacturers, except manufactured articleswhich have been offered for sale at retail or which have been available for sale at retail. Fuel, including but not limited to uranium, special nuclear material, nuclear fuel, fossil fuel, coal, cellulose, wood or solid, liquid or gaseous hydrocarbons, held by a public utility, an affiliated interest of such public utility as defined in Section 58-27-2090 or a subsidiary of such public utility, or hold by a corporation, entity or trust for the use and benefit of such public utility under orders or regulations of the Public Service Commission, shall be deemed to be inventories of manufacturers."

Time effective

Section 2. This act upon approval by the Governor shall apply to inventories of manufacturers held on or after December 31, 1979.