S 151

South Carolina General Assembly
126th Session, 2025-2026
Bill 151
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 ADDING SECTION
12-37-221 SO AS TO PROVIDE THAT THE FIRST THIRTY THOUSAND DOLLARS OF THE FAIR
MARKET VALUE OF A SMALL BUSINESS IS EXEMPT FROM COUNTY, MUNICIPAL, SCHOOL, AND
SPECIAL ASSESSMENT REAL ESTATE PROPERTY TAXES.
Be it enacted by the
General Assembly of the State of South Carolina:
SECTION 1.  Chapter 37, Title 12 of the S.C. Code is amended by
adding:
    Section
12-37-221. (A) For the purposes of
this section, "small business" means a commercial retail service, industry
entity, or nonprofit corporation, including affiliates, that:
       (1)
is registered, incorporated, and headquartered in this State;
       (2)
the business' ownership is comprised of residents of this State who pay income
taxes in this State;
       (3)
is independently owned and operated; and
       (4)
employs fewer than one hundred full-time employees or has gross annual sales or
program service revenues of less than ten million dollars.
    (B)
In addition to the exemptions provided in Section 12-37-220(A) and (B), the
first thirty thousand dollars of the fair market value of a small business is
exempt from county, municipal, school, and special assessment real estate
property taxes.
SECTION 2.  This act takes effect upon approval
by the Governor.
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This web page was last updated on December 11, 2024 at 04:44 PM