The bill S. 151 aims to provide property tax relief for small businesses in South Carolina by amending the state code to include a new section, 12-37-221. This section defines a "small business" as a commercial retail service, industry entity, or nonprofit corporation that is registered and headquartered in South Carolina, has ownership comprised of state residents who pay income taxes, is independently owned and operated, and employs fewer than one hundred full-time employees or has gross annual sales or program service revenues of less than ten million dollars.

The key provision of the bill is that it exempts the first thirty thousand dollars of the fair market value of qualifying small businesses from county, municipal, school, and special assessment real estate property taxes. This exemption is in addition to existing exemptions outlined in Section 12-37-220(A) and (B). The bill will take effect upon approval by the Governor.

Statutes affected:
12/11/2024: 12-37-221
Latest Version: 12-37-221