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H. 4465
STATUS INFORMATION
General Bill
Sponsors: Reps. Vaughn, Altman, Leach and Mahaffey
Document Path: l:\council\bills\ggs\22315htc04.doc
Introduced in the House on January 13, 2004
Introduced in the Senate on April 20, 2004
Last Amended on April 14, 2004
Currently residing in the Senate Committee on Finance
Summary: Homestead exemption, 65 and older or handicapped, indexing for inflation
HISTORY OF LEGISLATIVE ACTIONS
Date Body Action Description with journal page number ------------------------------------------------------------------------------- 12/17/2003 House Prefiled 12/17/2003 House Referred to Committee on Ways and Means 1/13/2004 House Introduced and read first time HJ-84 1/13/2004 House Referred to Committee on Ways and Means HJ-84 4/1/2004 House Committee report: Favorable Ways and Means HJ-9 4/14/2004 House Amended HJ-41 4/14/2004 House Read second time HJ-41 4/15/2004 House Read third time and sent to Senate HJ-15 4/20/2004 Senate Introduced and read first time SJ-8 4/20/2004 Senate Referred to Committee on Finance SJ-8
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VERSIONS OF THIS BILL
Indicates Matter Stricken
Indicates New Matter
AMENDED
April 14, 2004
H. 4465
S. Printed 4/14/04--H.
Read the first time January 13, 2004.
TO AMEND SECTION 12-37-250, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE FIFTY THOUSAND DOLLAR HOMESTEAD EXEMPTION FOR THE PERSON OVER SIXTY-FIVE YEARS OF AGE AND DISABLED PERSONS, SO AS TO INDEX THE EXEMPTION AMOUNT TO INFLATION IN THE SAME MANNER AND BY THE SAME PERCENTAGE THAT FEDERAL INCOME TAX BRACKETS ARE ADJUSTED TO REFLECT INCREASES IN THE CONSUMER PRICE INDEX.
Amend Title To Conform
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 12-37-250 of the 1976 Code, as last amended by Act 18 of 2001, is amended by adding a new paragraph at the end to read:
"( ) The exemption amount provided in this section must be cumulatively adjusted in the manner and by the percentage provided for the adjustment of income tax brackets, including the rounding amount, provided in Internal Revenue Code Section (1)(f) as that code is defined in Section 12-6-40(A). The Department of Revenue shall calculate the adjusted exemption amount and certify the amount to the Comptroller General and county auditors, and that amount, as adjusted, applies in lieu of the original or previously adjusted exemption amount for the succeeding property tax year."
SECTION 2. A. Section 12-37-224 of the 1976 Code is amended to read:
"Section 12-37-224. A motor home, or trailer used for camping and recreational travel that is pulled by a motor vehicle, on which the interest portion of indebtedness is deductible pursuant to the Internal Revenue Code as an interest expense on a qualified primary or second residence is also a primary or second residence for purposes of ad valorem property taxation in this State and is considered real property rather than personal property for property tax purposes."
B. This section takes effect upon approval by the Governor and is applicable to property tax years beginning in 2003.
SECTION 3. This act takes effect upon approval by the Governor, and the adjustment required by this act first applies for the homestead exemption amount applicable for property tax year 2004.
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