South Carolina General Assembly
120th Session, 2013-2014

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Indicates Matter Stricken
Indicates New Matter

S. 437

STATUS INFORMATION

General Bill
Sponsors: Senators Cleary, Reese, Rankin, Campsen, Hembree, Davis, McGill, Thurmond, Campbell, Cromer and Ford
Document Path: l:\council\bills\nl\13162dg13.docx

Introduced in the Senate on February 27, 2013
Introduced in the House on June 6, 2013
Last Amended on June 4, 2013
Currently residing in the House Committee on Ways and Means

Summary: Property tax

HISTORY OF LEGISLATIVE ACTIONS

     Date      Body   Action Description with journal page number
-------------------------------------------------------------------------------
   2/27/2013  Senate  Introduced and read first time (Senate Journal-page 8)
   2/27/2013  Senate  Referred to Committee on Finance (Senate Journal-page 8)
   3/21/2013  Senate  Committee report: Favorable with amendment Finance 
                        (Senate Journal-page 19)
    6/4/2013  Senate  Committee Amendment Amended and Adopted 
                        (Senate Journal-page 45)
    6/4/2013  Senate  Read second time (Senate Journal-page 45)
    6/4/2013  Senate  Roll call Ayes-39  Nays-0 (Senate Journal-page 45)
    6/5/2013  Senate  Read third time and sent to House 
                        (Senate Journal-page 32)
    6/6/2013  House   Introduced and read first time (House Journal-page 12)
    6/6/2013  House   Referred to Committee on Ways and Means 
                        (House Journal-page 12)

View the latest legislative information at the LPITS web site

VERSIONS OF THIS BILL

2/27/2013
3/21/2013
6/4/2013

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

COMMITTEE AMENDMENT AMENDED AND ADOPTED

June 4, 2013

S. 437

Introduced by Senators Cleary, Reese, Rankin, Campsen, Hembree, Davis, McGill, Thurmond, Campbell, Cromer and Ford

S. Printed 6/4/13--S.

Read the first time February 27, 2013.

            

A BILL

TO AMEND SECTION 12-43-220, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO VALUATION AND CLASSIFICATION OF PROPERTY FOR PURPOSES OF THE PROPERTY TAX, SO AS TO PROVIDE THAT THE OWNER-OCCUPANT OF RESIDENTIAL PROPERTY QUALIFIES FOR THE FOUR PERCENT ASSESSMENT RATIO ALLOWED OWNER-OCCUPIED RESIDENTIAL PROPERTY, IF THE OWNER IS OTHERWISE QUALIFIED AND THE RESIDENCE IS NOT RENTED FOR MORE THAN ONE HUNDRED DAYS A YEAR, AND TO DELETE OTHER REFERENCES TO RENTAL OF THESE RESIDENCES; AND TO AMEND SECTION 12-54-240, RELATING TO DISCLOSURE OF RECORDS, REPORTS, AND RETURNS WITH THE DEPARTMENT OF REVENUE, SO AS TO PROVIDE VERIFICATION THAT THE FEDERAL SCHEDULE E CONFORMS WITH THE SAME DOCUMENT REQUIRED BY A COUNTY ASSESSOR IS NOT PROHIBITED.

Amend Title To Conform

Be it enacted by the General Assembly of the State of South Carolina:

SECTION    1.        A.     Section 12-43-220(c)(2)(iv) of the 1976 Code is amended by adding a new paragraph before the last undesignated paragraph to read:

"If the owner or the owner's agent has made a proper certificate as required pursuant to this subitem and the owner is otherwise eligible, the owner is deemed to have met the burden of proof and is allowed the four percent assessment ratio allowed by this item, if the residence that is the subject of the application is not rented for more than seventy-two days in a calendar year. For purposes of determining eligibility, rental income, and residency, the assessor annually may require a copy of applicable portions of the owner's federal and state tax returns, as well as the Schedule E from the applicant's federal return for the applicable tax year."

B.    Section 12-43-220(c) of the 1976 Code, as added by Act 145 of 2005, is amended by deleting subitem (7) which reads:

"(7)    Notwithstanding any other provision of law, the owner-occupant of a legal residence is not disqualified from receiving the four percent assessment ratio allowed by this item, if the taxpayer's residence meets the requirements of Internal Revenue Code Section 280A(g) as defined in Section 12-6-40(A) and the taxpayer otherwise is eligible to receive the four percent assessment ratio."

C.    This SECTION takes effect upon approval by the Governor and applies to property tax years beginning after property tax year 2013.

SECTION    2.    Section 12-54-240(B) of the 1976 Code, as last amended by Act 110 of 2007, is further amended by adding an appropriately numbered item at the end to read:

"( )    verification that the federal Schedule E filed with the department is the same as the Schedule E required by the assessor pursuant to Section 12-43-220(c)."

SECTION    3.    Except where otherwise provided, this act takes effect upon approval by the Governor.

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This web page was last updated on June 10, 2013 at 9:56 AM