Current Status Bill Number:
1060Type of Legislation: General Bill GBIntroducing Body: SenateIntroduced Date: 19960125Primary Sponsor: ReeseAll Sponsors: ReeseDrafted Document Number: jic\5120htc.96Residing Body: SenateCurrent Committee: Finance Committee 06 SFSubject: Aircraft, assessment of
Body Date Action Description Com Leg Involved ______ ________ _______________________________________ _______ ____________ Senate 19960125 Introduced, read first time, 06 SF referred to CommitteeView additional legislative information at the LPITS web site.
TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 12-43-360 SO AS TO PROVIDE THAT THE ASSESSED VALUE OF AN AIRCRAFT PLACED IN SERVICE BEFORE 1951 IS DEEMED TO BE FIVE HUNDRED DOLLARS AND TO EXCLUDE AIRCRAFT OPERATED BY AIRLINE COMPANIES FROM THIS VALUATION.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Article 3, Chapter 43, Title 12 of the 1976 Code is amended by adding:
"Section 12-43-360. Except for aircraft subject to property tax under the provisions of Article 19 of Chapter 37 of this title, an aircraft first placed in service before 1951 is deemed to have an assessed value of five hundred dollars. The date an aircraft is placed in service must be determined from its official log or by other means determined appropriate by the Property Tax Division of the Department of Revenue and Taxation."
SECTION 2. This act takes effect upon approval by the Governor and applies for property tax years beginning after 1995.