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S. 800
STATUS INFORMATION
General Bill
Sponsors: Senator Elliott
Document Path: l:\council\bills\ggs\22910ssp07.doc
Companion/Similar bill(s): 3763, 3765
Introduced in the Senate on May 30, 2007
Currently residing in the Senate Committee on Finance
Summary: Property tax exemption
HISTORY OF LEGISLATIVE ACTIONS
Date Body Action Description with journal page number ------------------------------------------------------------------------------- 5/30/2007 Senate Introduced and read first time SJ-3 5/30/2007 Senate Referred to Committee on Finance SJ-3
View the latest legislative information at the LPITS web site
VERSIONS OF THIS BILL
TO AMEND SECTION 12-37-220, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO GENERAL EXEMPTION FROM PROPERTY TAX, SO AS TO EXEMPT FROM THE PROPERTY TAX SIXTY-TWO PERCENT OF THE FAIR MARKET VALUE OF A WATERCRAFT AND ITS MOTOR, IF IT IS NOT ATTACHED TO THE WATERCRAFT; AND TO AMEND SECTION 12-37-714, RELATING TO PROPERTY TAX ON BOATS WITH SITUS IN SOUTH CAROLINA, SO AS TO INCREASE THE NUMBER OF DAYS A BOAT THAT IS USED IN INTERSTATE COMMERCE MUST BE PRESENT IN THE STATE TO BE SUBJECT TO THE PROPERTY TAX FROM THIRTY DAYS TO NINETY DAYS, AND TO INCREASE THE NUMBER OF DAYS A BOAT THAT IS NOT USED IN INTERSTATE COMMERCE MUST BE PRESENT IN THE STATE FROM SIXTY CONSECUTIVE DAYS TO ONE HUNDRED TWENTY CONSECUTIVE DAYS.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 12-37-220(B)(38) of the 1976 Code is amended to read:
"(38)(a) Watercraft and motors which have an assessment of not more than fifty dollars.
(b) By ordinance, a governing body of a county may exempt from the property tax, forty-two and 75/100 percent of the fair market value of a watercraft and its motor. This exemption for a watercraft motor applies whether the motor is located in, attached to, or detached from the watercraft."
SECTION 2. Section 12-37-714 of the 1976 Code, as last amended by Act 386 of 2006, is further amended to read:
"Section 12-37-714. In addition to any other provisions of law subjecting boats and boat motors to property tax in this State:
(1) A boat, including its motor if separately taxed, used in interstate commerce having a tax situs in this State and at least one other state is subject to property tax in this State. The value of such a boat must be determined based on the fair market value of the boat multiplied by a fraction representing the number of days present in this State. The fraction is determined by dividing the number of days the boat was present in this State by three hundred and sixty-five days. A boat used in interstate commerce must be physically present in this State for thirty days in the aggregate in a property tax year to become subject to ad valorem taxation.
(2) A boat, including its motor if the motor is separately taxed, which is not currently taxed in this State and is not used exclusively in interstate commerce, is subject to property tax in this State if it is present within this State for sixty consecutive days or for ninety days in the aggregate in a property tax year. Upon written request by a tax official, the owner must provide documentation or logs relating to the whereabouts of the boat in question. Failure to produce requested documents creates a rebuttable presumption that the boat in question is taxable within this State.
(3) When a boat, or motor if separately taxed, is subject to a written contract for repairs and located in a marine repair facility in this State, the time periods provided pursuant to items (1) and (2) of this section are tolled."
SECTION 3. This act takes effect upon approval by the Governor and is applicable for tax years beginning after 2007.
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