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11, 2024) - South Carolina Legislature Online South Carolina General Assembly126th Session, 2025-2026Bill 151Indicates Matter StrickenIndicates 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.

----XX---- This web page was last updated on December 11, 2024 at 04:44 PM

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2025-2026 Bill 151 Text of Previous Version (Dec.