The bill H. 4060 proposes an amendment to the South Carolina Code of Laws, specifically Section 12-37-220, which pertains to property tax exemptions. The amendment introduces a new exemption that allows for forty-two and three-quarters percent of the net depreciated value of business personal property to be exempt from property taxes. This change aims to provide financial relief to businesses by reducing their tax burden on depreciated assets.

The bill is currently in the legislative process, having been introduced in the House on February 19, 2025, and is under consideration by the Ways and Means Committee. If approved, the act will take effect upon the Governor's approval, potentially impacting the financial landscape for businesses in South Carolina by enhancing their property tax exemptions.

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