Current Status Bill Number:4678 Type of Legislation:General Bill GB Introducing Body:House Introduced Date:19960226 Primary Sponsor:Neilson All Sponsors:Neilson, J. Hines, G. Brown and Baxley Drafted Document Number:jic\5290htc.96 Residing Body:House Current Committee:Ways and Means Committee 30 HWM Subject:Property tax, recreational vehicle
Body Date Action Description Com Leg Involved ______ ________ _______________________________________ _______ ____________ House 19960226 Introduced, read first time, 30 HWM referred to CommitteeView additional legislative information at the LPITS web site.
TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 12-37-224 SO AS TO PROVIDE THAT A RECREATIONAL VEHICLE 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 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. Upon approval by the Governor, this act is effective for property tax years beginning after 1996.