S 138 Session 112 (1997-1998)
S 0138 General Bill, By M.T. Rose
A BILL TO AMEND CHAPTER 45, TITLE 12, 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.
01/14/97 Senate Introduced and read first time SJ-136
01/14/97 Senate Referred to Committee on Finance SJ-136
A BILL
TO AMEND CHAPTER 45, TITLE 12, 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, 1997.
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