The bill H. 4475 aims to amend Section 12-37-220 of the South Carolina Code of Laws, which pertains to property tax exemptions for nonprofit housing corporations. The proposed changes specify that the exemption for certain properties will only apply to the percentage of property that corresponds to the corporation's ownership interest. Additionally, the bill introduces certification and notice requirements for nonprofit housing corporations seeking these exemptions. It outlines that the exemption must be proportionate to the nonprofit's ownership interest, with specific conditions under which a full exemption may be granted, particularly for properties serving low-income residents.

Furthermore, the bill mandates that nonprofit housing corporations must apply for the exemption and provide documentation to certify their ownership percentage and compliance with federal guidelines. The initial certification must be submitted by the first penalty date for the property tax year in which the exemption is claimed, with annual certifications required thereafter. The bill also includes provisions for notifying local authorities of approved exemptions and establishes that the act will take effect upon the Governor's approval, applying to property tax years beginning after 2026. Existing projects that have already applied for exemptions prior to the bill's approval will still need to comply with the new annual certification requirements.

Statutes affected:
05/01/2025: 12-37-220
Latest Version: 12-37-220