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 that allows for a deduction of 36.8421 percent of the fair market value of all aircraft owned by airline companies. This exemption aims to provide financial relief to airline companies by reducing their taxable property value.

Additionally, the bill clarifies the method for calculating the time aircraft spend on the ground in South Carolina for valuation purposes. It specifies that each landing in the state counts as thirty minutes, while each overnight stay or maintenance day counts as two hours. These amendments are intended to ensure a more accurate assessment of aircraft usage and valuation. 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