Current Status Bill Number:4478 Type of Legislation:General Bill GB Introducing Body:House Introduced Date:19980122 Primary Sponsor:Fleming All Sponsors:Fleming and Hawkins Drafted Document Number:dka\4740mm.98 Residing Body:House Current Committee:Judiciary Committee 25 HJ Subject:Property tax exemptions, bankruptcy proceedings; increased on debtors residences and on motor vehicles, Taxation
Body Date Action Description Com Leg Involved
______ ________ _______________________________________ _______ ____________
House 19980122 Introduced, read first time, 25 HJ
referred to Committee
View additional legislative information at the LPITS web site.
TO AMEND SECTION 15-41-30, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO EXEMPTIONS OF PROPERTY FROM BANKRUPTCY PROCEEDINGS, SO AS TO INCREASE THE EXEMPTION AMOUNTS ON RESIDENCES TO TEN THOUSAND DOLLARS FOR AN UNMARRIED DEBTOR AND TWENTY THOUSAND DOLLARS FOR A MARRIED DEBTOR AND ON MOTOR VEHICLES TO FIVE THOUSAND DOLLARS.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 15-41-30(1) and (2) of the 1976 Code, as last amended by Act 451 of 1988, is further amended to read:
"(1) (a) The An unmarried debtor's aggregate interest, not to exceed five ten thousand dollars in value, in real property or personal property that the debtor or a dependent of the debtor uses as a residence, in a cooperative that owns property that the debtor or a dependent of the debtor uses as a residence, or in a burial plot for the debtor or a dependent of the debtor, except that the aggregate value of multiple homestead exemptions allowable with respect to a single living unit may not exceed ten twenty thousand dollars. If there are multiple owners of such a living unit exempt as a homestead, the value of the exemption of each individual owner may not exceed his fractional portion of ten twenty thousand dollars.
(b) A married debtor's aggregate interest, not to exceed twenty thousand dollars in value, in real property or personal property that the debtor or a dependent of the debtor uses as a residence, in a cooperative that owns property that the debtor or a dependent of the debtor uses as a residence, or in a burial plot for the debtor or a dependent of the debtor, except that the aggregate value of multiple homestead exemptions allowable with respect to a single living unit may not exceed forty thousand dollars. If there are multiple owners of such a living unit exempt as a homestead, the value of the exemption of each individual owner may not exceed his fractional portion of forty thousand dollars.
(2) The debtor's interest, not to exceed one thousand two hundred five thousand dollars in value, in one motor vehicle."
SECTION 2. This act takes effect upon approval by the Governor.