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H. 3902
STATUS INFORMATION
General Bill
Sponsors: Rep. J.E. Smith
Document Path: l:\council\bills\nbd\11429dg11.docx
Introduced in the House on March 9, 2011
Currently residing in the House Committee on Ways and Means
Summary: Income tax credit, closing costs
HISTORY OF LEGISLATIVE ACTIONS
Date Body Action Description with journal page number
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3/9/2011 House Introduced and read first time (House Journal-page 14)
3/9/2011 House Referred to Committee on Ways and Means
(House Journal-page 14)
View the latest legislative information at the LPITS web site
VERSIONS OF THIS BILL
TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 12-6-3685 SO AS TO PROVIDE FOR A CREDIT AGAINST THE STATE INCOME TAX UP TO TWO THOUSAND DOLLARS FOR CLOSING COSTS INCURRED IN CONNECTION WITH A PURCHASE MONEY RESIDENTIAL OR COMMERCIAL MORTGAGE OR THE REFINANCING OF A RESIDENTIAL OR COMMERCIAL MORTGAGE, AND TO DEFINE "CLOSING COSTS".
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Article 25, Chapter 6, Title 12 of the 1976 Code is amended by adding:
"Section 12-6-3685. A taxpayer is allowed a credit against the state income tax imposed pursuant to this chapter for costs incurred, up to two thousand dollars annually, in connection with the closing of a residential or commercial real estate purchase money mortgage or refinancing of a residential or commercial real estate loan. 'Closing costs' for purposes of claiming this credit are as defined in Section 37-3-202(d) and apply to both residential and commercial transactions."
SECTION 2. This act takes effect upon approval by the Governor and applies to taxable years beginning after 2010.
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