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					                                   South Carolina General Assembly
                                       119th Session, 2011-2012

S. 1141

STATUS INFORMATION

General Bill
Sponsors: Senators Cleary, Ford, Williams, Gregory and Grooms
Document Path: l:\council\bills\nbd\11970dg12.docx

Introduced in the Senate on January 25, 2012
Currently residing in the Senate Committee on Finance

Summary: Assessed value of aircraft


HISTORY OF LEGISLATIVE ACTIONS

    Date   Body Action Description with journal page number
 1/25/2012 Senate Introduced and read first time (Senate Journal-page 3)
 1/25/2012 Senate Referred to Committee on Finance (Senate Journal-page 3)

View the latest legislative information at the LPITS web site


VERSIONS OF THIS BILL

1/25/2012
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 9                                A BILL
10
11   TO AMEND SECTION 12-43-360, OF THE CODE OF LAWS
12   OF SOUTH CAROLINA, 1976, RELATING TO ASSESSED
13   VALUE OF AIRCRAFT, SO AS TO ALLOW THE
14   GOVERNING BODY OF A COUNTY TO EXEMPT UP TO
15   ONE HUNDRED PERCENT OF THE FAIR MARKET VALUE
16   OF GENERAL AVIATION AIRCRAFT FROM PROPERTY
17   TAXES IMPOSED FOR SCHOOL OPERATING PURPOSES,
18   COUNTY OPERATING PURPOSES, AND FOR THE
19   REPAYMENT OF GENERAL OBLIGATION DEBT.
20
21   Be it enacted by the General Assembly of the State of South
22   Carolina:
23
24   SECTION 1. Section 12-43-360 of the 1976 Code, as added by
25   Act 30 of 2003, is amended to read:
26
27      “(A) The governing body of a county by ordinance may reduce
28   the assessment ratio otherwise applicable in determining the
29   assessed value of general aviation aircraft subject to property tax in
30   the county to a ratio not less than four percent of the fair market
31   value of the general aviation aircraft. The ordinance must apply
32   uniformly to all general aviation aircraft subject to property tax in
33   the county.
34      (B) In lieu of utilizing the provisions of subsection (A), the
35   governing body of a county by ordinance may exempt up to one
36   hundred percent of the fair market value of general aviation
37   aircraft from all property taxes imposed for school operating
38   purposes, county operating purposes, or for the repayment of
39   general obligation debt.”
40
41   SECTION 2. This act takes effect upon approval by the Governor
42   and applies to property tax years beginning after 2011.
43                                ----XX----
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posted:8/12/2012
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