2025-2026 Bill 125 Text of Previous Version (Feb.(Dec.

19,11, 2025)2024) - South Carolina Legislature Online South Carolina General Assembly126th Session, 2025-2026Bill 125Indicates Matter StrickenIndicates New Matter(Text matches printed bills.

Document has been reformatted to meet World Wide Web specifications.) Indicates  Matter  Stricken  Indicates  New  Matter    Committee  ReportA Februarybill 19,  2025TO  AMEND S.THE SOUTH CAROLINA CODE OF LAWS BY AMENDING SECTION 12-37-220, RELATING TO PROPERTY TAX EXEMPTIONS, SO AS TO PROVIDE THAT THE EXEMPTION FOR CERTAIN PROPERTY OF A NONPROFIT HOUSING CORPORATION ONLY APPLIES TO THE PERCENTAGE OF PROPERTY THAT EQUALS THE CORPORATION'S OWNERSHIP INTEREST IN THE PROPERTY, TO PROVIDE AN EXCEPTION, AND TO PROVIDE CERTAIN CERTIFICATION AND NOTICE REQUIREMENTS.

125   Introduced by Senators Johnson and Sutton   S.

Printed 2/19/25--S.

Read the first time January 14, 2025   ________   The committee on Senate Finance To whom was referred a Bill (S.

125) to amend the South Carolina Code of Laws by amending Section 12-37-220, relating to property tax exemptions, so as to provide that the exemption for certain property, etc., respectfully Report:

That they have duly and carefully considered the same, and recommend that the same do pass with amendment:

      Amend the bill, as and if amended, by striking SECTION 2 and inserting:

SECTION 2.  This act takes effect upon approval by the Governor and applies prospectively to property of nonprofit housing corporations or their instrumentalities eligible and first making application for the exemption for property tax years beginning after 2025 2026.

This act shall not apply to any project that, prior to approval by the Governor of this act, had submitted an application or been approved for an exemption under Section 12-37-220(B)(11)(e).  Provided, however, all exempt projects under Section 12-37-220(B)(11)(e) are required to submit the required annual certifications to the department.

Renumber sections to conform.

Amend title to conform.

  HARVEY PEELER for Committee.

  _______                 A bill   TO AMEND THE SOUTH CAROLINA CODE OF LAWS BY AMENDING SECTION 12-37-220, RELATING TO PROPERTY TAX EXEMPTIONS, SO AS TO PROVIDE THAT THE EXEMPTION FOR CERTAIN PROPERTY OF A NONPROFIT HOUSING CORPORATION ONLY APPLIES TO THE PERCENTAGE OF PROPERTY THAT EQUALS THE CORPORATION'S OWNERSHIP INTEREST IN THE PROPERTY, TO PROVIDE AN EXCEPTION, AND TO PROVIDE CERTAIN CERTIFICATION AND NOTICE REQUIREMENTS.

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