Current Status Bill Number:
3759Type of Legislation: General Bill GBIntroducing Body: HouseIntroduced Date: 19970401Primary Sponsor: FelderAll Sponsors: FelderDrafted Document Number: bbm\9256jm.97Companion Bill Number: 540Residing Body: HouseCurrent Committee: Ways and Means Committee 30 HWMSubject: Property tax exemptions, County Fair Association property when owned by and exempt from federal income tax
Body Date Action Description Com Leg Involved ______ ________ _______________________________________ _______ ____________ House 19970401 Introduced, read first time, 30 HWM referred to CommitteeView additional legislative information at the LPITS web site.
TO AMEND SECTION 12-37-220, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO EXEMPTIONS FROM AD VALOREM TAXATION, SO AS TO EXEMPT PROPERTY OWNED AND USED BY A COUNTY FAIR ASSOCIATION THAT IS EXEMPT FROM FEDERAL INCOME TAXATION UNDER SECTION 501(C) OF THE UNITED STATES INTERNAL REVENUE CODE.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 12-37-220(B) of the 1976 Code, as last amended in 1996, is further amended by adding an appropriately-numbered item to read:
"( ) Properties of whatever nature or kind owned within the State and used or occupied by a county fair association that is exempt from federal income taxation under Section 501(c) of the United States Internal Revenue Code of 1986, as amended through December 31, 1996."
SECTION 2. This act takes effect for tax years beginning after 1997.