South Carolina General Assembly
115th Session, 2003-2004

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Bill 4440

Indicates Matter Stricken
Indicates New Matter

(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

Indicates Matter Stricken

Indicates New Matter

AMENDED--NOT PRINTED IN THE HOUSE

Amt. No. 1A (Doc. Path Council\bbm\10407sd04)

June 3, 2004

H. 4440

Introduced by Reps. Limehouse, Clemmons, Altman and Bales

S. Printed 6/2/04--S.

Read the first time April 29, 2004.

            

A BILL

TO AMEND SECTION 12-37-224, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE CLASSIFICATION OF A MOTOR HOME AS REAL PROPERTY FOR PURPOSES OF AD VALOREM TAXES AND THE REQUIREMENTS NECESSARY FOR THAT CLASSIFICATION, SO AS TO INCLUDE BOATS WITHIN THE CLASSIFICATION IF THEY MEET THE SAME REQUIREMENTS, AND TO PROVIDE A CAP ON THE MAXIMUM AD VALOREM TAXATION WHICH MAY BE LEVIED ON SUCH A BOAT FOR ANY YEAR.

Amend Title To Conform

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

SECTION    1.    Section 12-37-224 of the 1976 Code, as added by Act 114 of 1999, is amended to read:

"Section 12-37-224.    (A)    A motor home or boat 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)    The maximum ad valorem taxation on such a boat for any year is one thousand five hundred dollars."

SECTION    2.    Section 12-37-220(B) of the 1976 Code, as last amended by Act 69 of 2003, is further amended by adding an appropriately numbered item to read:

"( )    Beginning with calendar year 2004, the maximum amount of ad valorem taxation for any year which may be imposed on any boat and motor required to be registered, numbered, and titled under the laws of this State is one thousand five hundred dollars."

SECTION    3.    The amendment to Section 12-37-224 of the 1976 Code contained in this act is effective for property tax years beginning after 2004.

SECTION    4.    This act takes effect upon approval by the Governor.

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