Bill > S0125

This bill amends South Carolina's property tax exemption law for nonprofit housing corporations by modifying how tax exemptions are applied to properties providing low-income housing. The bill specifies that the property tax exemption will now be proportional to the nonprofit housing corporation's ownership percentage in the property, with two key exceptions: if the corporation owns more than 50% of the property or if all units in the property are dedicated to low-income residents, then a 100% exemption can be claimed. To qualify for the exemption, nonprofit housing corporations must apply to the state department and provide initial and annual certifications, including documentation of ownership percentage and compliance with specific IRS revenue procedures. The certification must be submitted by the first penalty date for the initial year and by October 1st in subsequent years. The department is required to notify local county and municipal administrative officers within 60 days of approving an exemption. The bill will take effect upon gubernatorial approval and apply to property tax years beginning after 2026, with a provision that existing approved projects can continue but must still submit annual certifications.

Budget and Finance

https://www.scstatehouse.gov/billsearch.php?billnumbers=125&session=126&summary=B