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 these exemptions. It outlines various categories of properties that qualify for the exemption, including those providing below-cost housing for the elderly and handicapped, as well as supportive housing for low-income residents.

Key provisions include that the exemption must be proportionate to the nonprofit housing corporation's ownership interest, with specific exceptions for cases where the ownership exceeds fifty percent or where all units are designated for low-income residents. The bill mandates that nonprofit housing corporations must apply for the exemption and provide documentation to verify compliance with federal safe harbor provisions. Furthermore, the Department of Housing and Urban Development is tasked with notifying local authorities of approved exemptions. The act will take effect upon the Governor's approval and will apply to property tax years beginning after 2026, while also requiring annual certifications for previously exempt projects.

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