Current Status Introducing Body:House Bill Number:4068 Primary Sponsor:P. Harris Type of Legislation:GB Subject:Homestead exemption Residing Body:House Companion Bill Number:685 Date Tabled:19930526 Computer Document Number:JIC/5786HC.93 Introduced Date:19930414 Last History Body:House Last History Date:19930526 Last History Type:Tabled Scope of Legislation:Statewide All Sponsors:P. Harris Waldrop Neilson Type of Legislation:General Bill
Bill Body Date Action Description CMN Leg Involved
____ ______ ____________ ______________________________ ___ ____________
4068 House 19930526 Tabled
4068 House 19930519 Committee Report: Favorable 30
4068 House 19930414 Introduced, read first time, 30
referred to Committee
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COMMITTEE REPORT
May 19, 1993
H. 4068
Introduced by REPS. P. Harris, Waldrop and Neilson
S. Printed 5/19/93--H.
Read the first time April 14, 1993.
To whom was referred a Bill (H. 4068), to amend Section 12-37-266, Code of Laws of South Carolina, 1976, relating to the application of the homestead exemption to property held in trust for life, etc., respectfully
That they have duly and carefully considered the same, and recommend that the same do pass:
WILLIAM D. BOAN, for Committee.
This Bill amends Section 12-37-266, relating to the application of the homestead exemption to property held in trust for life, so as to provide that the exemption applies when the otherwise eligible beneficiary of a trust possesses use of the dwelling.
This Bill would require an additional state appropriation of approximately $443,750 per fiscal year beginning in FY 1993-94.
We estimate that this legislation would increase the number of homes receiving the homestead exemption by approximately one percent, or by 2,250 homes. As the expenditure for the homestead exemption is expected to total $44,375,000 in FY 1993-94, a one percent increase would raise state expenditures by $443,750.
Approved By:
A. Crawford Clarkson, Jr.
S.C. Tax Commission
TO AMEND SECTION 12-37-266, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE APPLICATION OF THE HOMESTEAD EXEMPTION TO PROPERTY HELD IN TRUST FOR LIFE, SO AS TO PROVIDE THAT THE EXEMPTION APPLIES WHEN THE OTHERWISE ELIGIBLE BENEFICIARY OF A TRUST POSSESSES USE OF THE DWELLING.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 12-37-266 of the 1976 Code is amended to read:
"Section 12-37-266. (1) When a trustee holds legal title to a dwelling that is the legal residence of a person beneficiary sixty-five years of age or older, or totally and permanently disabled, or blind, and such the person beneficiary possesses the use of the dwelling for life, the dwelling shall be is exempt from property taxation in the amount and manner as dwellings are exempt under Section 12-37-250 of the 1976 Code (homestead exemption); provided, that such person if the beneficiary meets the other conditions required for such the exemption. The trustee shall annually shall make application apply to the county auditor for the exemption on a form approved by the Comptroller General.
(2) The Comptroller General shall reimburse the taxing entity for the taxes not collected by reason of the exemption in the same manner and under the same conditions as reimbursement is provided for such the exemption by allowed pursuant to Section 12-37-250 of the 1976 Code."
SECTION 2. This act takes effect upon approval by the Governor.