Current Status Bill Number:353 Type of Legislation:General Bill GB Introducing Body:Senate Introduced Date:19950110 Primary Sponsor:Giese All Sponsors:Giese, Passailaigue, Glover, Bryan, Lander, Reese, Rose and Russell Drafted Document Number:GJK\21217AC.95 Companion Bill Number:3187 Residing Body:Senate Current Committee:Finance Committee 06 SF Subject:Homestead exemption
Body Date Action Description Com Leg Involved
______ ________ _______________________________________ _______ ____________
Senate 19950110 Introduced, read first time, 06 SF
referred to Committee
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TO AMEND SECTION 12-37-250, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE HOMESTEAD EXEMPTION, SO AS TO REQUIRE THE EXEMPTION AMOUNT TO BE ADJUSTED ANNUALLY TO OFFSET INCREASES IN THE CONSUMER PRICE INDEX AND TO PRESCRIBE THE PROCEDURE FOR MAKING THE ADJUSTMENT.
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 54 of 1991, is further amended by adding at the end:
"The exemption amount provided in this section must be adjusted annually in the same manner that income tax brackets are adjusted as provided in Section (1)(f) of the Internal Revenue Code of 1986, mutatis mutandis. The exemption amount, as adjusted, applies in place of the amount provided in this section for the next tax year. The Comptroller General shall make the appropriate calculation and notify county auditors of the adjusted exemption amount."
SECTION 2. The inflation adjustment required by the amendment to Section 12-37-250 of the 1976 Code contained in this act must first be made for the exemption amount applicable for the 1996 tax year.
SECTION 3. This act takes effect upon approval by the Governor.