South Carolina S0436 amends property tax exemptions to include a portion of the value of commercial aircraft owned by airlines.

South Carolina S0436 amends the South Carolina Code to add a property tax exemption for a portion of the value of aircraft owned by airlines. Specifically, it exempts 36.8421 percent of the fair market value of all aircraft from property taxes. Additionally, it modifies the calculation of time on the ground for aircraft valuation purposes, assigning specific time values to landings and overnight stays or maintenance days within the state. This act takes effect upon approval by the Governor.

South Carolina S0436 amends property tax exemptions to include a portion of the value of commercial aircraft owned by airlines.

South Carolina S0436 amends the South Carolina Code to add a property tax exemption for a portion of the value of aircraft owned by airlines. Specifically, it exempts 36.8421 percent of the fair market value of all aircraft from property taxes. Additionally, it modifies the calculation of time on the ground for aircraft valuation purposes, assigning specific time values to landings and overnight stays or maintenance days within the state. This act takes effect upon approval by the Governor.