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Current Status Bill Number:View additional legislative information at the LPITS web site.4448 Type of Legislation:General Bill GB Introducing Body:House Introduced Date:20000118 Primary Sponsor:Witherspoon All Sponsors:Witherspoon and Edge Drafted Document Number:l:\council\bills\pt\1771dw00.doc Residing Body:House Current Committee:Ways and Means Committee 30 HWM Subject:Property tax exemptions, boat as primary, secondary residence; interest expense, Taxation, Watercraft History Body Date Action Description Com Leg Involved ______ ________ ______________________________________ _______ ____________ House 20000118 Introduced, read first time, 30 HWM referred to Committee Versions of This Bill
TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 12-37-225 SO AS TO PROVIDE THAT A BOAT ON WHICH THE INTEREST PORTION OF ANY INDEBTEDNESS ON IT 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 12-37-225. A boat on which the interest portion of any indebtedness on it 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.
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