Bill > S0436

This bill amends South Carolina property tax laws to provide a tax exemption for airline companies and clarify how aircraft time on the ground is calculated for tax purposes. Specifically, the bill creates a new property tax exemption that allows airline companies to exclude 36.8421 percent of the fair market value of their aircraft from taxation. Additionally, the bill establishes a precise method for calculating an aircraft's time on the ground within the state for tax assessment purposes, defining each landing in South Carolina as equivalent to 30 minutes and each overnight stay or maintenance day as equal to 2 hours. This calculation will be used to determine the proportion of time an aircraft spends in the state relative to its total time on the ground, which impacts its property tax valuation. The tax exemption and new calculation method are designed to potentially reduce the tax burden on airline companies operating in South Carolina, and the bill will take effect upon the Governor's approval.

Budget and Finance

https://www.scstatehouse.gov/billsearch.php?billnumbers=0436&session=126&summary=B