South Carolina General Assembly
106th Session, 1985-1986

Bill 401

                    Current Status

Bill Number:               401
Ratification Number:       304
Act Number:                303
Introducing Body:          Senate
Subject:                   Amended property tax returns and
                           tentative property tax returns
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(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

(A303, R304, S401)

AN ACT TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTIONS 12-37-975 AND 12-37-980, SO AS TO PERMIT THE FILING OF AMENDED PROPERTY TAX RETURNS AND TO AUTHORIZE THE SOUTH CAROLINA TAX COMMISSION TO ACCEPT, FOR GOOD CAUSE, TENTATIVE PROPERTY TAX RETURNS BASED ON ONE HUNDRED PERCENT ESTIMATED VALUE FOR MERCHANTS' INVENTORIES, MACHINES, EQUIPMENT, FURNITURE, FIXTURES, COMMERCIAL BOATS, AND MANUFACTURERS' REAL AND PERSONAL PROPERTY.

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

Amended return

SECTION 1. Article 5, Chapter 37, of Title 12 of the 1976 Code is amended by adding:

"Section 12-37-975. The Tax Commission may permit any person to substitute an amended return for the original return up to the last day prescribed for filing the return, including any extension of time granted by the Commission. The Commission in its discretion may accept or reject an amended return filed after the time prescribed for filing the return. An amended return may not operate to start or extend the limitation period for assessment and collection of taxes."

Extension

SECTION 2. Article 5, Chapter 37, of Title 12 of the 1976 Code is amended by adding:

"Section 12-37-980. The Tax Commission may, for good cause, allow an additional ninety days for the filing of returns required by Section 12-37-970. A request for an extension to file may be granted only if the request is filed with the Commission on or before the day the return is due. A tentative return is required reflecting one hundred percent of the anticipated value of the property required to be returned under Section 12-37-970 for the taxable period.

If the tentative return fails to reflect at least eighty percent of the actual value of the property as required to be returned under Section 12-37-930, the Tax Commission shall increase the assessed valuation by ten percent of the difference between the amount returned on the tentative return and the amount returned on the final return."

Time effective

SECTION 3. This act shall take effect upon approval by the Governor.