H 4513 General Bill, By Witherspoon, Askins, J.M. Baxley, Boan, G. Brown, 
H. Brown, J. Brown, B.D. Cain, L.L. Elliott, R.C. Fulmer, H.M. Hallman, Harvin, 
Haskins, J. Hines, J.H. Hodges, H.G. Hutson, Keegan, Kelley, Kennedy, 
W.D. Keyserling, Kirsh, Koon, Lloyd, C.V. Marchbanks, L.M. Martin, Mason, 
McCraw, Moody-Lawrence, Phillips, Rhoad, Meacham, Richardson, Riser, Robinson, 
Sandifer, Seithel, Simrill, Spearman, P.H. Thomas, Tripp, Trotter, Vaughn, 
C.C. Wells, Whatley, Wilder, D.A. Wright and W.J. Young

Similar(S 1111)
 A Bill to amend the Code of Laws of South Carolina, 1976, by adding Section
 12-37-224 so as to provide that a recreational vehicle or boat on which the
 interest portion of any indebtedness thereon is or would be deductible under
 the Internal Revenue Code as an interest expense on a qualified primary or
 second residence is also deemed to be a primary or second residence for
 purposes of ad valorem property taxation in this State and as such is
 considered real rather than personal property for these purposes.

   01/30/96  House  Introduced and read first time HJ-8
   01/30/96  House  Referred to Committee on Ways and Means HJ-8

A BILL

TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 12-37-224 SO AS TO PROVIDE THAT A RECREATIONAL VEHICLE OR BOAT ON WHICH THE INTEREST PORTION OF ANY INDEBTEDNESS THEREON IS OR WOULD BE DEDUCTIBLE UNDER THE INTERNAL REVENUE CODE AS AN INTEREST EXPENSE ON A QUALIFIED PRIMARY OR SECOND RESIDENCE IS ALSO DEEMED TO BE A PRIMARY OR SECOND RESIDENCE FOR PURPOSES OF AD VALOREM PROPERTY TAXATION IN THIS STATE AND AS SUCH IS CONSIDERED REAL RATHER THAN PERSONAL PROPERTY FOR THESE PURPOSES.

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

SECTION 1. The 1976 Code is amended by adding:

"Section 12-37-224. A recreational vehicle or boat on which the interest portion of any indebtedness thereon is or would be deductible under the Internal Revenue Code as an interest expense on a qualified primary or second residence is also deemed to be a primary or second residence for purposes of ad valorem property taxation in this State and as such is considered real rather than personal property for these purposes."

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