South Carolina General Assembly
105th Session, 1983-1984

Bill 876

                    Current Status

Bill Number:               876
Ratification Number:       470
Act Number:                404
Introducing Body:          Senate
Subject:                   Relating to the tax on leases of real
                           estate
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(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

(A404, R470, S876)

AN ACT TO AMEND SECTION 12-21-370, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE TAX ON LEASES OF REAL ESTATE SO AS TO PROVIDE THAT LEASES FOR CERTAIN CONSIDERATIONS ARE NOT CONSIDERED LEASES FOR PURPOSES OF THE TAX.

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

Leases not subject to tax

SECTION 1. Section 12-21-370 of the 1976 Code is amended by adding at the end:

"All leases or renewals of leases of realty which meet all of the following requirements are not considered leases of realty within the meaning of this section and are not subject to the tax imposed by this section:

(1) Provide for exploration agreements to drill for and produce oil and gas;

(2) For a consideration of one dollar;

(3) Include possible royalty rights."

Time effective

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