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TO AMEND SECTION 12-37-250, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE FIFTY THOUSAND DOLLAR HOMESTEAD EXEMPTION FOR PERSONS 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.
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 386 of 2006, is further amended by adding a new subsection at the end appropriately lettered 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. 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 2007.
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