South Carolina General Assembly
116th Session, 2005-2006

Download This Bill in Microsoft Word format

Indicates Matter Stricken
Indicates New Matter

S. 366

STATUS INFORMATION

General Bill
Sponsors: Senator Rankin
Document Path: l:\council\bills\ggs\22905htc05.doc
Companion/Similar bill(s): 3453, 3919

Introduced in the Senate on January 27, 2005
Currently residing in the Senate Committee on Finance

Summary: Property tax on watercraft

HISTORY OF LEGISLATIVE ACTIONS

     Date      Body   Action Description with journal page number
-------------------------------------------------------------------------------
   1/27/2005  Senate  Introduced and read first time SJ-7
   1/27/2005  Senate  Referred to Committee on Finance SJ-7

View the latest legislative information at the LPITS web site

VERSIONS OF THIS BILL

1/27/2005

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

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 AMEND SECTION 12-37-220, AS AMENDED, RELATING TO PROPERTY TAX EXEMPTIONS, SO AS TO EXEMPT A SUFFICIENT AMOUNT OF THE FAIR MARKET VALUE OF A WATERCRAFT AND OF THE COMBINED VALUE OF A WATERCRAFT AND ITS MOTOR, IF TAXED SEPARATELY, TO LIMIT TO ONE THOUSAND FIVE HUNDRED DOLLARS THE PROPERTY TAX DUE ON THE WATERCRAFT OR BOTH THE WATERCRAFT AND THE MOTOR, FOR ONE PROPERTY-TAX YEAR.

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 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."

SECTION    2.    Section 12-37-220(B)(38) of the 1976 Code is amended to read:

"(38)(a)    Watercraft and motors which that have an assessment of not more than fifty dollars.

(b)    an amount of the fair market value of any watercraft, including those assessed pursuant to Section 12-37-224, and the combined fair market value of any watercraft and its motor, if taxed separately, sufficient to limit to one thousand five hundred dollars the total property tax on the watercraft for a property-tax year and to limit to one thousand five hundred dollars the total of the combined property tax on any one watercraft and its motor for a property-tax year."

SECTION    3.    This act takes effect upon approval by the Governor and applies for property tax years beginning after 2004.

----XX----

This web page was last updated on Friday, December 4, 2009 at 3:28 P.M.