The Committee on Finance proposes the following amendment (LC-768.DG0001S):

Amend the bill, as and if amended, by striking all after the enacting words and inserting:

SECTION 1. Article 3, Chapter 37, Title 12 of the S.C. Code is amended by adding:

 Section 12-37-253. (A) Any eligible person may claim an exemption from county, municipal, school and special assessment real property equal to one hundred fifty thousand dollars of the fair market value on the person's dwelling place. A person may not claim this exemption and the exemption set forth in Section 12-37-250 and a person must be eligible for this exemption to claim the exemption set forth in Section 12-37-250. For purposes of eligibility, application, and reimbursement, this exemption must be administered in the same manner as the exemption allowed pursuant to Section 12-37-250, including the application of other laws affecting the exemption allowed pursuant to Section 12-37-250, mutatis mutandis. For a person eligible for this exemption pursuant to subsection (B)(1), the previous application for the exemption allowed pursuant to Section 12-37-250 must be considered the application for this exemption.
 (B) A person becomes eligible for this additional exemption:
  (1) if the person was eligible to claim the exemption pursuant to Section 12-37-250 in property tax year 2025 and remains eligible thereafter; or
  (2)(a) when the person meets the requirements of Section 12-37-250(A)(1)(i), (ii), or (iii); and
   (b) when the person has been a resident of this State for the entire five property tax years immediately preceding the application.
 (C) By ordinance, a governing body of a county may increase the exemption allowed by this section, however, any taxes not collected as a result of the increase in the exemption are not eligible for reimbursement.

SECTION 2. Section 11-11-150(A) of the S.C. Code is amended by adding:

 (6) Section 12-37-270 for the homestead exemption allowed pursuant to Section 12-37-253;

SECTION 3. Section 12-37-245 of the S.C. Code is repealed.

SECTION 4. This act takes effect upon approval by the Governor and first applies to property tax years beginning after 2025.

Renumber sections to conform.

Amend title to conform.