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Senate advances change to low-income housing tax exemption, 44-0
Summary
The South Carolina Senate gave S.125 a second reading by roll call, 44-0, advancing a committee amendment that would prorate property tax exemptions for low-income housing based on nonprofit ownership and set a 2026 implementation date.
The South Carolina Senate voted 44-0 on Feb. 26 to give S.125 a second reading, advancing a committee amendment that changes how local property tax exemptions apply to low-income housing projects.
The measure would maintain a 100% property tax exemption only when a nonprofit owns 50% or more of a housing property; ownership below that threshold would yield an exemption prorated to the nonprofit's share. The measure also requires Department of Revenue certification of unit-by-unit income eligibility and moves the bill's implementation date to 2026. Properties already in the process of seeking the exemption would remain on their current schedule until the next annual…
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