Current Status Bill Number:1111 Type of Legislation:General Bill GB Introducing Body:Senate Introduced Date:19960208 Primary Sponsor:Land All Sponsors:Land, Moore, Wilson and Passailaigue Drafted Document Number:22308sd.96 Residing Body:Senate Current Committee:Finance Committee 06 SF Subject:Property tax, recreational vehicle or boat
Body Date Action Description Com Leg Involved
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Senate 19960208 Introduced, read first time, 06 SF
referred to Committee
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TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 12-37-224 SO AS TO PROVIDE THAT A RECREATIONAL VEHICLE OR BOAT ON WHICH THE INTEREST PORTION OF ANY INDEBTEDNESS THEREON IS OR WOULD BE DEDUCTIBLE UNDER THE INTERNAL REVENUE CODE AS AN INTEREST EXPENSE ON A QUALIFIED PRIMARY OR SECOND RESIDENCE IS ALSO DEEMED TO BE A PRIMARY OR SECOND RESIDENCE FOR PURPOSES OF AD VALOREM PROPERTY TAXATION IN THIS STATE AND AS SUCH IS CONSIDERED REAL RATHER THAN PERSONAL PROPERTY FOR THESE PURPOSES.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. The 1976 Code is amended by adding:
"Section 12-37-224. A recreational vehicle or boat on which the interest portion of any indebtedness thereon is or would be deductible under the Internal Revenue Code as an interest expense on a qualified primary or second residence is also deemed to be a primary or second residence for purposes of ad valorem property taxation in this State and as such is considered real rather than personal property for these purposes."
SECTION 2. This act takes effect upon approval by the Governor.