Rep. BREWER proposes the following amendment (LC-3858.DG0002H):

Amend the bill, as and if amended, by striking SECTION 6 and inserting:

SECTION X.A. Section 12-37-220(B) of the S.C. Code is amended by adding:

 (54) 42.8571 percent of the fair market value of watercraft as defined in Section 50-23-5; however, this exemption does not apply to a boat or watercraft classified as a primary or secondary residence as provided for in 12-37-224.

B.  A boat or watercraft that qualifies for both the exemption set forth in Section 12-37-220(B)(38)(b) and the exemption set forth Section 12-37-220(B)(54) of the S.C. Code is only eligible for the higher effective exemption. Such exemptions cannot be combined and are not cumulative.

C. Section 12-37-220(B)(38)(b) is repealed on January 1, 2030, and thereafter, any ordinance adopted pursuant thereto, is null and void, and shall not apply to any property tax year beginning after 2029.

D.  Notwithstanding the exemption amount allowed pursuant to Section 12-37-220(B)(54), as added by subsection A of this SECTION, the percentage exemption amount is phased-in in three equal and cumulative percentage installments, applicable for property tax years beginning after 2026.

Renumber sections to conform.

Amend title to conform.