South Carolina H 3358: Property tax exemption

Bill Text

2025-2026 Bill 3358 Text of Previous Version (Dec. 06, 2024) - South Carolina Legislature Online 

South Carolina General Assembly
126th Session, 2025-2026

Bill 3358

Indicates Matter Stricken
Indicates New Matter

(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

A bill

TO 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.

Be it enacted by the 
General Assembly of the State of South Carolina:

SECTION 1. Section 12-37-220(B) of the S.C. Code is amended by 
adding:

 (54) the first ten thousand dollars 
of the net depreciated value of business personal property.

SECTION 2. Section 12-37-900 of the S.C. Code is amended to read:

 Section 
12-37-900. (A) Every person required by law to list property shall, 
annually, between the first day of January and the first day of March, make out 
and deliver to the assessor of the county in which the property is by law to be 
returned for taxation a statement, verified by his oath, of all the real estate 
which has been sold or transferred since the last listing of property for which 
he was responsible and to whom, and of all real property possessed by him, or 
under his control, on the thirty-first day of December next preceding, either 
as owner, agent, parent, spouse, guardian, executor, administrator, trustee, 
receiver, officer, partner, factor, or holder with the value thereof, on such 
thirty-first day of December, at the place of return, estimating according to the 
rules prescribed by law.

 (B) A manufacturer not 
under a fee agreement is not required to return personal property for ad 
valorem tax purposes if the property remains in this State at a manufacturing 
facility that has not been operational for one fiscal year and the personal 
property has not been used in operations for one fiscal year. The personal 
property is not required to be returned until the personal property becomes 
operational in a manufacturing process or until the property has not been 
returned for ad valorem tax purposes for four years, whichever is earlier. A 
manufacturer must continue to list the personal property annually and designate 
on the listing that the personal property is not subject to tax pursuant to 
this section.

 (C)(1) Notwithstanding any other 
provision of this section, a taxpayer that meets the application requirements 
of item (2) is not required to return business personal property for ad valorem 
tax purposes if the taxpayer has less ten thousand dollars or less of net 
depreciated value of business personal property.

 (2) To claim the exemption allowed by 
item (1), a taxpayer must annually certify, under penalty of perjury, to the 
assessor of the county in which the property would otherwise be returned that 
the taxpayer has ten thousand dollars or less of net depreciated value of 
business personal property. The certification must be received before the first 
day of March.

SECTION 3. This act takes effect upon approval 
by the Governor and first applies to a return filed for a business's first accounting 
period that begins after 2024.

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This web page was last updated on December 06, 2024 at 11:31 AM