Current Status Bill Number:3871 Type of Legislation:General Bill GB Introducing Body:House Introduced Date:19970409 Primary Sponsor:Stuart All Sponsors:Stuart Drafted Document Number:bbm\9342jm.97 Companion Bill Number:540 Residing Body:Senate Current Committee:Finance Committee 06 SF Subject:Property tax exemption, County Fair Association property when owned by and exempt from federal income tax
Body Date Action Description Com Leg Involved
______ ________ _______________________________________ _______ ____________
Senate 19970422 Introduced, read first time, 06 SF
referred to Committee
House 19970417 Read third time, sent to Senate
House 19970416 Read second time
House 19970410 Recalled from Committee 30 HWM
House 19970409 Introduced, read first time, 30 HWM
referred to Committee
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RECALLED
April 10, 1997
H. 3871
S. Printed 4/10/97--H.
Read the first time April 9, 1997.
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.