Current Status Bill Number:4513 Type of Legislation:General Bill GB Introducing Body:House Introduced Date:19960130 Primary Sponsor:Witherspoon All Sponsors:Witherspoon, Hallman, Keyserling, J. Hines, Mason, Koon, Cain, Sandifer, Haskins, G. Brown, Meacham, Seithel, Simrill, Thomas, Wells, McCraw, Wright, Kelley, Hutson, Fulmer, Askins, J. Young, Keegan, Boan, Moody-Lawrence, Robinson, Rhoad, Riser, Trotter, J. Brown, Kirsh, H. Brown, Whatley, Spearman, Martin, Kennedy, Baxley, Hodges, Vaughn, Wilder, Tripp, Richardson, Phillips, Marchbanks, Elliott, Harvin and Lloyd Drafted Document Number:pfm\7822sd.96 Residing Body:House Current Committee:Ways and Means Committee 30 HWM Subject:Property tax, recreational vehicle or boat
Body Date Action Description Com Leg Involved ______ ________ _______________________________________ _______ ____________ House 19960130 Introduced, read first time, 30 HWM referred to CommitteeView additional legislative information at the LPITS web site.
TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 12-37-224 SO AS TO PROVIDE THAT A RECREATIONAL VEHICLE OR BOAT ON WHICH THE INTEREST PORTION OF ANY INDEBTEDNESS THEREON IS OR WOULD BE DEDUCTIBLE UNDER THE INTERNAL REVENUE CODE AS AN INTEREST EXPENSE ON A QUALIFIED PRIMARY OR SECOND RESIDENCE IS ALSO DEEMED TO BE A PRIMARY OR SECOND RESIDENCE FOR PURPOSES OF AD VALOREM PROPERTY TAXATION IN THIS STATE AND AS SUCH IS CONSIDERED REAL RATHER THAN PERSONAL PROPERTY FOR THESE PURPOSES.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. The 1976 Code is amended by adding:
"Section 12-37-224. A recreational vehicle or boat on which the interest portion of any indebtedness thereon is or would be deductible under the Internal Revenue Code as an interest expense on a qualified primary or second residence is also deemed to be a primary or second residence for purposes of ad valorem property taxation in this State and as such is considered real rather than personal property for these purposes."
SECTION 2. This act takes effect upon approval by the Governor.