Current Status Bill Number:540 Type of Legislation:General Bill GB Introducing Body:Senate Introduced Date:19970313 Primary Sponsor:Hutto All Sponsors:Hutto, Matthews, Land, Short, Williams, Hayes, Rose, Mescher, Cork, Reese, Martin, Wilson, Fair, Passailaigue, Anderson, Rankin, Moore and Gregory Drafted Document Number:res1344.cbh Companion Bill Number:3759, 3871 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 19970313 Introduced, read first time, 06 SF
referred to Committee
View additional legislative information at the LPITS web site.
TO AMEND SECTION 12-37-220, 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. 12-37-220(B) of the 1976 Code is amended by adding an appropriately numbered new subsection at the end 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.