S*0317(Rat #0107, Act #0054 of 1991)  General Bill, By I.E. Lourie, Giese and 
Passailaigue
 A Bill to amend Section 12-37-250, as amended, Code of Laws of South Carolina,
 1976, relating to the homestead exemption, so as to delete the provision that
 each owner of a part of the fee or life estate owns equal interest in the
 homestead and provide that a percentage of ownership less than five percent is
 considered to be five percent.-amended title

   11/26/90  Senate Prefiled
   11/26/90  Senate Referred to Committee on Finance
   01/08/91  Senate Introduced and read first time SJ-109
   01/08/91  Senate Referred to Committee on Finance SJ-109
   01/29/91  Senate Committee report: Favorable Finance SJ-16
   01/30/91  Senate Amended SJ-10
   01/30/91  Senate Read second time SJ-11
   01/30/91  Senate Ordered to third reading with notice of
                     amendments SJ-11
   02/05/91  Senate Read third time and sent to House SJ-22
   02/06/91  House  Introduced and read first time HJ-12
   02/06/91  House  Referred to Committee on Ways and Means HJ-12
   04/25/91  House  Committee report: Favorable Ways and Means HJ-52
   05/08/91  House  Read second time HJ-43
   05/09/91  House  Read third time and enrolled HJ-12
   05/21/91         Ratified R 107
   05/27/91         Signed By Governor
   05/27/91         Effective date 05/27/91
   05/27/91         Act No. 54
   06/21/91         Copies available

AN ACT TO AMEND SECTION 12-37-250, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE HOMESTEAD EXEMPTION, SO AS TO DELETE THE PROVISION THAT EACH OWNER OF A PART OF THE FEE OR LIFE ESTATE OWNS EQUAL INTEREST IN THE HOMESTEAD AND PROVIDE THAT A PERCENTAGE OF OWNERSHIP LESS THAN FIVE PERCENT IS CONSIDERED TO BE FIVE PERCENT.

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

Homestead tax exemption to be granted

SECTION 1. The last paragraph of Section 12-37-250 of the 1976 Code is amended to read:

"The homestead tax exemption must be granted in the amount in this paragraph to those persons who own a dwelling in part in fee or in part for life when the persons satisfy the other conditions of the exemption. The amount of the exemption must be determined by multiplying the percentage of the fee or life estate owned by the person by the full exemption. For purposes of the calculation required by this paragraph, a percentage of ownership less than five percent is considered to be five percent. The exemption may not exceed the value of the interest owned by the person."

Effective for tax years after December 31, 1990

SECTION 2. The provisions of the last paragraph of Section 12-37-250, as amended by Section 1 of this act, are effective for tax years beginning after December 31, 1990.

Time effective

SECTION 3. This act takes effect upon approval by the Governor.

Approved the 27th day of May, 1991.