The bill S. 436 proposes amendments to the South Carolina Code of Laws regarding property tax exemptions and the valuation of aircraft. Specifically, it introduces a new exemption for airline companies, allowing them to exempt 36.8421 percent of the fair market value of their aircraft from property taxes. This exemption is defined in Section 12-37-220, where the terms "aircraft" and "airline company" are aligned with definitions provided in Article 19 of the Code.

Additionally, the bill modifies Section 12-37-2440 to clarify how the time an aircraft spends on the ground is calculated for valuation purposes. It specifies that the ratio of time scheduled on the ground in South Carolina to the total time scheduled on the ground both in and out of the state will be used for valuation, with specific time allocations assigned to landings and overnight stays. The bill will take effect upon approval by the Governor.

Statutes affected:
03/11/2025: 12-37-220, 12-37-2440
Latest Version: 12-37-220, 12-37-2440