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Bill Number: 327 Ratification Number: 101 Act Number 62 Introducing Body: Senate Subject: Percentage allowance on manufacturers' personal property
(A62, R101, S327)
AN ACT TO AMEND SECTION 12-37-930, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO PROPERTY TAX, SO AS TO PERMIT THE TAX COMMISSION TO PERMIT AN ADJUSTMENT TO THE PERCENTAGE ALLOWANCE ON MANUFACTURERS' PERSONAL PROPERTY.
Be it enacted by the General Assembly of the State of South Carolina:
Tax Commission may adjust percentage allowance
SECTION 1. Section 12-37-930 of the 1976 Code, as last amended by Act 116 of 1979, is further amended by striking the last paragraph and inserting:
"In no event should the original cost be reduced more than eighty percent. In the year of acquisition, depreciation shall be allowed as if the property were owned for the full year. The term 'original cost shall mean gross capitalized cost as shown by the taxpayer s records for income tax purposes.
Notwithstanding the percentage allowance stated in the schedule above, the Commission may, after examination of the relevant facts, permit an adjustment in the percentage allowance, with the total allowance not to exceed twenty-five percent, on account of extraordinary obsolescence." Time effective
SECTION 2. This act shall take effect upon approval by the Governor.