summary
Introduced
01/14/2025
01/14/2025
In Committee
01/14/2025
01/14/2025
Crossed Over
Passed
Dead
Introduced Session
126th General Assembly
Bill Summary
Amend The South Carolina Code Of Laws By Amending Section 12-37-220, Relating To Property Tax Exemptions, So As To Exempt The First Ten Thousand Dollars Of Net Depreciated Value Of Business Personal Property; And By Amending Section 12-37-900, Relating To Property Tax Returns, So As To Provide That A Taxpayer Is Not Required To Return Business Personal Property For Taxation If The Taxpayer Has Less Than Ten Thousand Dollars Of Net Depreciated Value Of Business Personal Property.
AI Summary
This bill amends South Carolina property tax laws to provide a new exemption for small businesses by eliminating the requirement to report and pay taxes on business personal property valued at $10,000 or less. Specifically, the legislation adds a provision to the state tax code that exempts the first $10,000 of net depreciated value of business personal property from taxation. To claim this exemption, taxpayers must annually certify under penalty of perjury to their county assessor that their business personal property is valued at $10,000 or less, with this certification required to be submitted before March 1st each year. The bill also clarifies existing provisions related to property tax returns, including special rules for manufacturers with non-operational facilities. The new tax exemption will take effect upon the governor's approval and will first apply to business tax returns filed for accounting periods beginning after 2024, potentially providing financial relief for small businesses by reducing their administrative burden and tax liability.
Committee Categories
Budget and Finance
Sponsors (16)
Murrell Smith (R)*,
Bruce Bannister (R),
Micah Caskey (R),
Don Chapman (R),
Cal Forrest (R),
Lee Hewitt (R),
Brian Lawson (R),
Steven Long (R),
John McCravy (R),
Cody Mitchell (R),
Brandon Newton (R),
Weston Newton (R),
Fawn Pedalino (R),
Tommy Pope (R),
Tiffany Spann-Wilder (D),
Bill Taylor (R),
Last Action
Referred to Committee on Ways and Means (on 01/14/2025)
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.scstatehouse.gov/billsearch.php?billnumbers=3358&session=126&summary=B |
| BillText | https://www.scstatehouse.gov/sess126_2025-2026/prever/3358_20241205.htm |
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