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TO AMEND SECTION 12-37-220, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO GENERAL EXEMPTIONS FROM AD VALOREM PROPERTY TAXES, SO AS TO DELETE THE EXEMPTION OF PROPERTY OF NONPROFIT HOUSING CORPORATIONS WHICH ARE DEVOTED TO PROVIDING HOUSING TO LOW AND VERY LOW INCOME RESIDENTS.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 12-37-220(B)(11)(e) of the 1976 Code is deleted.
SECTION 2. The provisions of Section 1 of this act apply for calendar years beginning after December 31, 2004.
SECTION 3. This act takes effect upon approval by the Governor.
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