summary
Introduced
02/19/2025
02/19/2025
In Committee
02/19/2025
02/19/2025
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 Forty-two And Three Quarters Percent Of The Net Depreciated Value Of Business Personal Property.
AI Summary
This bill amends South Carolina's property tax law by providing a new tax exemption for businesses. Specifically, the legislation allows businesses to exempt 42.75% of the net depreciated value of their business personal property from taxation. Business personal property typically includes equipment, machinery, furniture, and other movable assets used in a business operation. By reducing the taxable value of these assets, the bill aims to lower the overall property tax burden for businesses in South Carolina. The tax exemption will take effect immediately upon receiving the Governor's approval. This type of tax exemption is often designed to make a state more business-friendly by reducing the financial costs associated with owning and maintaining business assets, potentially encouraging business investment and economic development.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
Referred to Committee on Ways and Means (on 02/19/2025)
bill text
bill summary
Loading...
bill summary
Loading...
bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.scstatehouse.gov/billsearch.php?billnumbers=4060&session=126&summary=B |
| BillText | https://www.scstatehouse.gov/sess126_2025-2026/prever/4060_20250219.htm |
Loading...