South Carolina General Assembly
119th Session, 2011-2012

Download This Version in Microsoft Word format

Bill 3902


Indicates Matter Stricken
Indicates New Matter


(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

A 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.

----XX----

This web page was last updated on March 9, 2011 at 11:04 AM