South Carolina General Assembly

116th Session, 2005-2006

S. 1108

STATUS INFORMATION

General Bill

Sponsors: Senators Campsen, Sheheen and Grooms

Document Path: l:\council\bills\gjk\20773sd06.doc

Companion/Similar bill(s): 4594

Introduced in the Senate on February 1, 2006

Introduced in the House on March 8, 2006

Last Amended on March 2, 2006

Currently residing in the House Committee on Ways and Means

Summary: Timber deed

HISTORY OF LEGISLATIVE ACTIONS

Date Body Action Description with journal page number

2/1/2006 Senate Introduced and read first time SJ32

2/1/2006 Senate Referred to Committee on Finance SJ32

3/1/2006 Senate Committee report: Favorable with amendment Finance SJ24

3/2/2006 Senate Amended SJ20

3/2/2006 Senate Read second time SJ20

3/3/2006 Scrivener's error corrected

3/7/2006 Senate Read third time and sent to House SJ10

3/8/2006 House Introduced and read first time HJ6

3/8/2006 House Referred to Committee on Ways and Means HJ6

VERSIONS OF THIS BILL

2/1/2006

3/1/2006

3/2/2006

3/3/2006

COMMITTEE AMENDMENT ADOPTED

March 2, 2006

S.1108

Introduced by Senators Campsen, Sheheen and Grooms

S. Printed 3/2/06--S. [SEC 3/3/06 12:12 PM]

Read the first time February 1, 2006.

[1108-1]

A BILL

TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 1265595 SO AS TO PROVIDE THAT FOR PURPOSES OF THE NONRECOGNITION OF GAIN UNDER SECTION 1031 OF THE INTERNAL REVENUE CODE AND COMPARABLE PROVISIONS OF STATE LAW, THE CONVEYANCE BY TIMBER DEED OF THE RIGHT TO CUT STANDING TIMBER IS CONSIDERED A CONVEYANCE OF A REAL PROPERTY INTEREST AND AS SUCH UNDER THE LAWS OF THIS STATE IS A LIKEKIND EXCHANGE WITH OTHER SIMILAR CONVEYANCES OF A REAL PROPERTY INTEREST OR WITH CONVEYANCES OF SIMILAR INVESTMENT REAL PROPERTY OWNED IN FEE SIMPLE.

Amend Title To Conform

Be it enacted by the General Assembly of the State of South Carolina:

SECTION 1. Chapter 6, Title 12 of the 1976 Code is amended by adding:

“Section 1265595. For purposes of the nonrecognition of gain under Section 1031 of the Internal Revenue Code and comparable provisions of state law, the conveyance by timber deed of the right to cut standing timber for a period of time exceeding thirty years is considered a conveyance of a real property interest, and as such, under the laws of this State, is a likekind exchange with other similar conveyances of a real property interest or with conveyances of similar investment real property owned in fee simple.”

SECTION 2. This act takes effect upon approval by the Governor.

XX

[1108] 1