Exempts the first $10,000 of net depreciated value of business personal property from ad valorem tax.

This bill amends the South Carolina Code to exempt the first $10,000 of net depreciated value of business personal property from ad valorem tax. It requires taxpayers with less than $10,000 of net depreciated value to annually certify this to the county assessor before March 1. Additionally, it exempts personal property from tax if it remains in a non-operational manufacturing facility for a fiscal year and is not used in operations for a fiscal year. The bill takes effect upon approval by the Governor and applies to tax returns filed after 2024.

Exempts the first $10,000 of net depreciated value of business personal property from ad valorem tax.

This bill amends the South Carolina Code to exempt the first $10,000 of net depreciated value of business personal property from ad valorem tax. It requires taxpayers with less than $10,000 of net depreciated value to annually certify this to the county assessor before March 1. Additionally, it exempts personal property from tax if it remains in a non-operational manufacturing facility for a fiscal year and is not used in operations for a fiscal year. The bill takes effect upon approval by the Governor and applies to tax returns filed after 2024.