S 169 Session 111 (1995-1996)
S 0169 General Bill, By M.T. Rose
A BILL TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION
12-45-72 SO AS TO REQUIRE ESCROW AGENTS RECEIVING AD VALOREM TAX PAYMENTS ON
REAL PROPERTY TO REMIT THE TOTAL AMOUNT RECEIVED FOR TAXES TO THE APPROPRIATE
TAXING ENTITY ON A QUARTERLY BASIS, TO PROVIDE FOR DUE DATES, AND TO PROVIDE A
PENALTY FOR FAILURE TO MAKE TIMELY REMITTANCES WHICH MAY BE WAIVED UPON GOOD
CAUSE SHOWN.
10/17/94 Senate Prefiled
10/17/94 Senate Referred to Committee on Finance
01/10/95 Senate Introduced and read first time SJ-60
01/10/95 Senate Referred to Committee on Finance SJ-60
A BILL
TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA,
1976, BY ADDING SECTION 12-45-72 SO AS TO REQUIRE
ESCROW AGENTS RECEIVING AD VALOREM TAX
PAYMENTS ON REAL PROPERTY TO REMIT THE TOTAL
AMOUNT RECEIVED FOR TAXES TO THE APPROPRIATE
TAXING ENTITY ON A QUARTERLY BASIS, TO PROVIDE
FOR DUE DATES, AND TO PROVIDE A PENALTY FOR
FAILURE TO MAKE TIMELY REMITTANCES WHICH MAY
BE WAIVED UPON GOOD CAUSE SHOWN.
Be it enacted by the General Assembly of the State of South
Carolina:
SECTION 1. Chapter 45, Title 12 of the 1976 Code is amended
by adding:
"Section 12-45-72. An escrow agent who receives
payments to be applied toward the ad valorem tax liability of the
owner of real property shall remit the payments received during the
last completed calendar quarter to the appropriate taxing entity.
Remittances are due no later than the fifteenth day of April, July,
October, and January. The taxing entity shall assess a penalty in an
amount equal to five percent of the payment required on payments
which are not timely made for each month or part of a month of the
delinquency. This penalty must be paid by the escrow agent and
must not be charged back to the taxpayer. The taxing entity may
waive the penalty for good cause shown."
SECTION 2. This act takes effect July 1, 1995.
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