Bill 1002

                    Current Status

Bill Number:               1002
Ratification Number:       481
Act Number                 438
Introducing Body:          Senate
Subject:                   Relating to property tax exemptions

(A438, R481, S1002)

AN ACT TO AMEND SECTION 12-37-220, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO PROPERTY TAX EXEMPTIONS, SO AS TO EXEMPT FOR NOT MORE THAN TWO YEARS PROPERTY ACQUIRED BY CHARITABLE ENTITIES FOR THE PURPOSE OF BUILDING OR RENOVATING RESIDENTIAL STRUCTURES FOR SALE TO ECONOMICALLY DISADVANTAGED PERSONS.

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

Exemption allowed

SECTION 1. Section 12-37-220(16) of the 1976 Code is amended to read:

"(16)(a) The property of any religious, charitable, eleemosynary, educational, or literary society, corporation, or other association, when the property is used by it primarily for the holding of its meetings and the conduct of the business of the society, corporation, or association and no profit or benefit therefrom inures to the benefit of any private stockholder or individual.

(b) The property of any religious, charitable, or eleemosynary society, corporation, or other association when the property is acquired for the purpose of building or renovating residential structures on it for sale to economically disadvantaged persons, but this exemption may not be claimed for more than two tax years on a single property."

Applicable years

SECTION 2. The amendment to Section 12-37-220(16) of the 1976 Code contained in this act is effective for tax years beginning after 1987.

Time effective

SECTION 3. This act takes effect upon approval by the Governor.