H 5082 General Bill, By Keegan, Barfield, Edge and Kelley
 A BILL TO AMEND SECTION 12-24-40, CODE OF LAWS OF SOUTH CAROLINA, 1976,
 RELATING TO EXEMPTIONS FROM THE DEED RECORDING FEE, SO AS TO PROVIDE THAT
 DEEDS TRANSFERRING REALTY FROM A CORPORATION, A PARTNERSHIP, OR A TRUST AS A
 STOCKHOLDER, PARTNER, OR TRUST BENEFICIARY OF THE ENTITY OR TO BECOME A
 STOCKHOLDER, PARTNER, OR TRUST BENEFICIARY OF THE ENTITY ARE EXEMPT FROM THE
 FEE, AND THAT, EXCEPT FOR TRANSFERS FROM ONE FAMILY TRUST TO ANOTHER FAMILY
 TRUST, THE TRANSFER OF REALTY TO A CORPORATION, A PARTNERSHIP, OR A TRUST TO A
 STOCKHOLDER, PARTNER, OR TRUST BENEFICIARY OF THE ENTITY IS SUBJECT TO THE
 FEE.

   04/10/02  House  Introduced and read first time HJ-36
   04/10/02  House  Referred to Committee on Ways and Means HJ-36

TO AMEND SECTION 12-24-40, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO EXEMPTIONS FROM THE DEED RECORDING FEE, SO AS TO PROVIDE THAT DEEDS TRANSFERRING REALTY FROM A CORPORATION, A PARTNERSHIP, OR A TRUST AS A STOCKHOLDER, PARTNER, OR TRUST BENEFICIARY OF THE ENTITY OR TO BECOME A STOCKHOLDER, PARTNER, OR TRUST BENEFICIARY OF THE ENTITY ARE EXEMPT FROM THE FEE, AND THAT, EXCEPT FOR TRANSFERS FROM ONE FAMILY TRUST TO ANOTHER FAMILY TRUST, THE TRANSFER OF REALTY TO A CORPORATION, A PARTNERSHIP, OR A TRUST TO A STOCKHOLDER, PARTNER, OR TRUST BENEFICIARY OF THE ENTITY IS SUBJECT TO THE FEE.

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

SECTION    1.    Section 12-24-40(8) of the 1976 Code is amended to read:

    "(8)    transferring realty to from a corporation, a partnership, or a trust as a stockholder, partner, or trust beneficiary of the entity or so as to become a stockholder, partner, or trust beneficiary of the entity as long as no consideration is paid for the transfer other than stock in the corporation, interest in the partnership, beneficiary interest in the trust, or the increase in value in the stock or interest held by the grantor. However, except for transfers from one family trust to another family trust without consideration, the transfer of realty from to a corporation, a partnership, or a trust to a stockholder, partner, or trust beneficiary of the entity is subject to the fee, even if the realty is transferred to another corporation, a partnership, or trust;"

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