S 1202 General Bill, By Rankin

Similar(S 701, H 3808)
 A BILL TO AMEND SECTION 12-24-40 OF THE CODE OF LAWS OF SOUTH CAROLINA, 1976,
 RELATING TO EXEMPTIONS FROM DEED RECORDING FEES, SO AS TO EXEMPT FROM SUCH
 FEES TRANSACTIONS INVOLVING TRANSFERS FROM AGENTS TO PRINCIPALS WHEN THE
 REALTY WAS PURCHASED WITH THE FUNDS OF THE PRINCIPAL.

   03/01/00  Senate Introduced and read first time SJ-4
   03/01/00  Senate Referred to Committee on Finance SJ-4

TO AMEND SECTION 12-24-40 OF THE CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO EXEMPTIONS FROM DEED RECORDING FEES, SO AS TO EXEMPT FROM SUCH FEES TRANSACTIONS INVOLVING TRANSFERS FROM AGENTS TO PRINCIPALS WHEN THE REALTY WAS PURCHASED WITH THE FUNDS OF THE PRINCIPAL.

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

SECTION 1. Section 12-24-40 of the 1976 Code is amended to read:

"Section 12-24-40. Exempted from the fee imposed by this chapter are deeds:

(1) transferring realty in which the value of the realty, as defined in Section 12-24-30, is equal to or less than one hundred dollars;

(2) transferring realty to the federal government or to a state, its agencies and departments, and its political subdivisions, including school districts;

(3) that are otherwise exempted under the laws and Constitution of this State or of the United States;

(4) transferring realty in which no gain or loss is recognized by reason of Section 1041 of the Internal Revenue Code as defined in Section 12-6-40(A);

(5) transferring realty from an agent to the agent's principal in a transaction in which the realty was purchased with the funds of the principal;

(5)(6) transferring realty in order to partition realty, as long as no consideration is paid for the transfer other than the interests in the realty that are exchanged in order to effect the partition;

(6) (7) transferring an individual grave space at a cemetery owned by a cemetery company licensed under Chapter 55 of Title 39;

(7)(8) that constitute a contract for the sale of timber to be cut;

(8)(9) transferring realty to a corporation, a partnership, or a trust as a stockholder, partner, or trust beneficiary of the entity or so as to become a stockholder, partner, or trust beneficiary of the entity as long as no consideration is paid for the transfer other than stock in the corporation, interest in the partnership, beneficiary interest in the trust, or the increase in value in the stock or interest held by the grantor. However, except for transfers from one family trust to another family trust without consideration, the transfer of realty from a corporation, a partnership, or a trust to a stockholder, partner, or trust beneficiary of the entity is subject to the fee, even if the realty is transferred to another corporation, a partnership, or trust;

(9)(10) transferring realty from a family partnership to a partner or from a family trust to a beneficiary, as long as no consideration is paid for the transfer other than a reduction in the grantee's interest in the partnership or trust. A `family partnership' is a partnership whose partners are all members of the same family. A `family trust' is a trust in which the beneficiaries are all members of the same family. `Family' means the grantor, the grantor's spouse, parents, grandparents, sisters, brothers, children, stepchildren, grandchildren, and the spouses and lineal descendant of any of them, and the grantor's and grantor's spouse's heirs under a statute of descent and distribution. A `family partnership' or `family trust' also includes charitable entities, other family partnerships and family trusts of the grantor, and charitable remainder and charitable lead trusts, if all the beneficiaries are charitable entities or members of the grantor's family. A `charitable entity' means an entity which may receive deductible contributions under Section 170 of the Internal Revenue Code as defined in Section 12-6-40(A);

(10)(11) transferring realty in a statutory merger or consolidation from a constituent corporation to the continuing or new corporation;

(11)(12) transferring realty in a merger or consolidation from a constituent partnership to the continuing or new partnership;

(12)(13) that constitute a corrective deed or a quitclaim deed used to confirm title already vested in the grantee, as long as no consideration is paid or is to be paid under the corrective or quitclaim deed;

(13)(14) transferring realty subject to a mortgage to the mortgagee whether by a deed in lieu of foreclosure executed by the mortgagor or deed executed pursuant to foreclosure proceedings."

SECTION 2. This act takes effect upon approval by the Governor.