The bill H. 4060 proposes an amendment to Section 12-37-220 of the South Carolina Code of Laws, specifically regarding property tax exemptions. The amendment introduces a new provision that exempts forty-two and three-quarters percent of the net depreciated value of business personal property from property taxes. This change aims to provide financial relief to businesses by reducing their taxable property value.

The bill is set to take effect upon approval by the Governor, indicating a swift implementation of the new tax exemption once it is signed into law. This legislative action reflects an effort to support local businesses and stimulate economic growth within the state.

Statutes affected:
02/19/2025: 12-37-220
Latest Version: 12-37-220