Current StatusView additional legislative information at the LPITS web site.Bill Number: 844 Ratification Number: 540 Act Number 433 Introducing Body: Senate Subject: Relating to assessment of property taxes and railroads
(A433, R540, S844)
AN ACT TO AMEND SECTION 12-37-1610, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO ASSESSMENT OF PROPERTY TAXES AND RAILROADS, SO AS TO CHANGE THE DATE ON WHICH RAILROAD COMPANIES SHALL ANNUALLY FILE A RETURN TO THE TAX COMMISSION, UNDER OATH, ON FORMS PRESCRIBED BY THE TAX COMMISSION, AND, FURTHER, TO PROVIDE THAT SUCH COMPANIES SHALL ALSO FILE A DUPLICATE COPY OF THE ANNUAL REPORT TO THE INTERSTATE COMMERCE COMMISSION OR A DUPLICATE COPY OF THE ANNUAL REPORT REQUIRED BY THE SOUTH CAROLINA PUBLIC SERVICE COMMISSION AND ANY OTHER REPORT THE TAX COMMISSION MAY REQUIRE THAT SHALL ACCURATELY DETAIL ALL REAL AND PERSONAL PROPERTY OF SUCH COMPANIES WITHIN AND WITHOUT THIS STATE; TO AMEND SECTION 12-37-1680, RELATING TO PROCEEDINGS TO BE TAKEN BY THE TAX COMMISSION IN THE EVENT A RAILROAD COMPANY FAILS TO FILE A RETURN OF ITS PROPERTY, SO AS TO DELETE THE REQUIREMENT OF MAKING RETURNS TO THE COUNTY AUDITOR IN EACH COUNTY IN WHICH A RAILROAD COMPANY'S RAILROAD MAY BE LOCATED; TO AMEND ACT 576 OF 1976, AS AMENDED, AND SECTION 12-37-2130, RELATING TO THE VALUATION OF AIRLINE COMPANY AIRCRAFT AND PRIVATE CARS OF PRIVATE CAR COMPANIES, RESPECTIVELY, FOR PURPOSES OF PROPERTY TAXES, SO AS TO PROVIDE THAT THE PROPERTY OF SUCH COMPANIES SHALL BE VALUED AT FAIR MARKET VALUE; TO REPEAL SECTIONS 12-37-70, PROVIDING THAT CERTAIN REAL ESTATE OF RAILROADS AND OTHER COMPANIES SHALL BE TREATED AS PERSONAL PROPERTY FOR PURPOSES OF ASSESSMENT OF PROPERTY TAXES, 12-37-1340, RELATING TO ASSESSMENT FOR TAXATION OF PROPERTY OR GROSS PROCEEDS IN CONNECTION WITH MINES AND MINING CLAIMS, 12-37-1690, RELATING TO ASSESSMENT AND VALUATION OF RAILROAD PROPERTY WHICH ESCAPED TAXATION, 12-37-1950, RELATING TO DATA TO BE INCLUDED IN STATEMENTS OF TELEGRAPH AND TELEPHONE COMPANIES REGARDING ASSESSMENT OF PROPERTY TAXES, 12-37-1980, RELATING TO RETURNS TO BE MADE BY TELEPHONE AND TELEGRAPH COMPANIES WHEN SUCH COMPANIES HAVE NO PRINCIPAL OFFICE IN THE STATE AND THE PROCEEDINGS TO BE TAKEN UPON FAILURE TO MAKE SUCH RETURNS, AND 12-37-2070, RELATING TO PROCEEDINGS TO BE TAKEN UPON FAILURE OF TELEPHONE OR TELEGRAPH COMPAINES TO MAKE RETURNS TO COUNTY AUDITORS.
Be it enacted by the General Assembly of the State of South Carolina:
President to file annual report
Section 1. Section 12-37-1610 of the 1976 Code, as last amended by Section 10, Part II, of Act 709 of 1976, is further amended to read:
"Section 12-37-1610. The President or designated agent of every railroad company, whose track or roadbed, or any part thereof, is located in this State, shall annually, on or before the fifteenth day of the fourth month, following the close of the company's accounting period, file a return to the South Carolina Tax Commission, under oath, on forms prescribed ,by the Commission. Such company shall also file a duplicate copy of the annual report to the Interstate Commerce Commission of the United States Government or a duplicate copy of the annual report required by the South Carolina Public Service Commission and any other report the Tax Commission may require that shall accurately detail all real and personal property of the company within and without this State."
Failure to make returns
Section 2. Section 12-37-1680 of the 1976 Code is amended to read "Section 12-37-1680. If any railroad company shall fail to make the returns to the Commission as required by this chapter, the Commission shall proceed to ascertain the value of the company's road and property according to the principles prescribed in this article from the best information it can conveniently obtain, and add thereto fifty percent as penalty and apportion such valuation to the several counties, towns, townships and cities through or into which such road or any part thereof may be located. The Commission shall certify such apportionment and valuation to the several county auditors, who shall place it on their duplicates for taxation."
Commission to annually assess, adjust, equalize, etc., evaluation of private cars
Section 3. Section 12-37-2130 of the 1976 Code, added by Section 10, Part II, of Act 709 of 1976, is amended by striking all after "Commission" in the second sentence and inserting "at fair market value". The section when amended shall read:
"Section 12-37-2130. The Commission shall annually assess, adjust, equalize, and apportion the valuation of all private cars of each private car company of a type or model operated in this State by such private car company by such type or model. Such private cars shall be valued by the Commission at fair market value."
Commission to annually assess, adjust, equalize, etc., evaluation of private cars
Section 4. Section 3 of Act 576 of 1976 is amended by striking all after "Commission" in the second sentence and inserting "at fair market value". The section when amended shall read:
"Section 3. The Commission shall annually assess, adjust, equalize, and apportion the valuation of all aircraft of each airline company of a type or model operated in this State by such airline company by such type or model. Such aircraft shall be valued by the Commission at fair market value."
Time effective
Section 5. Sections 12-37-70, 12-37-1340, 12-37-1690, 12-37-1950, 12-37-1980, and 12-37-2070 of the 1976 Code are repealed.
Section 6. This act shall take effect upon approval by the Governor.