South Carolina General Assembly
105th Session, 1983-1984

Bill 2647

                    Current Status

Bill Number:               2647
Ratification Number:       488
Act Number:                419
Introducing Body:          House
Subject:                   Relating to classification of property
                           and assessment ratios for purposes of ad
                           valorem taxation
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(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

(A419, R488, H2647)

AN ACT TO AMEND SECTION 12-43-220, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO CLASSIFICATION OF PROPERTY AND ASSESSMENT RATIOS FOR PURPOSES OF AD VALOREM TAXATION, SO AS TO EXCLUDE FROM THE MANUFACTURING AND UTILITY PROPERTY CLASSIFICATION REAL PROPERTY OWNED BY OR LEASED TO A MANUFACTURER AND USED PRIMARILY FOR RESEARCH AND DEVELOPMENT AND TO PROVIDE A DEFINITION FOR RESEARCH AND DEVELOPMENT AND TO EXCLUDE FROM THE MANUFACTURING AND UTILITY PROPERTY CLASSIFICATION REAL PROPERTY OWNED BY OR LEASED TO A MANUFACTURER USED PRIMARILY AS AN OFFICE BUILDING IF THE BUILDING IS NOT LOCATED ON THE PREMISES OF OR CONTIGUOUS TO THE PLANT SITE.

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

Classification of property assessment ratios

SECTION 1. Item (a) of Section 12-43-220 of the 1976 Code is amended to read:

"(a) All real and personal property owned by or leased to manufacturers and utilities and used by the manufacturer or utility in the conduct of the business, must be taxed on an assessment equal to ten and one-half percent of the fair market value of the property.

Real property owned by or leased to a manufacturer and used primarily for research and development is not considered used by a manufacturer in the conduct of the business of the manufacturer for purposes of classification of property under item (a) of this section. The term 'research and development' means basic and applied research in the sciences and engineering, and the design and development of prototypes and processes.

Real property owned by or leased to a manufacturer and used primarily as an office building is not considered used by a manufacturer in the conduct of the business of the manufacturer for purposes of classification of property under item (a) of this section if the office building is not located on the premises of or contiguous to the plant site of the manufacturer."

Time effective

SECTION 2. This act shall take effect upon approval by the Governor.