Current Status Introducing Body:Senate Bill Number:1462 Primary Sponsor:Land Type of Legislation:GB Subject:Documentary stamp tax, deeds conveying real estate Residing Body:Senate Computer Document Number:JIC/6469.HC Introduced Date:Apr 09, 1992 Last History Body:Senate Last History Date:Apr 15, 1992 Last History Type:Committee Report: Favorable Scope of Legislation:Statewide All Sponsors:Land Type of Legislation:General Bill
Bill Body Date Action Description CMN
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1462 Senate Apr 15, 1992 Committee Report: Favorable 06
1462 Senate Apr 09, 1992 Introduced, read first time, 06
referred to Committee
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COMMITTEE REPORT
April 15, 1992
S. 1462
S. Printed 4/15/92--S.
Read the first time April 9, 1992.
To whom was referred a Bill (S. 1462), to amend the Code of Laws of South Carolina, 1976, by adding Section 12-21-385 so as to impose an additional documentary stamp tax on deeds conveying real estate equal to ten cents for each five hundred dollars, etc., respectfully
That they have duly and carefully considered the same, and recommend that the same do pass:
JOHN DRUMMOND, for Committee.
Senate Bill 1462 amends the Code by adding Section 12-21-385 so as to impose an additional documentary stamp tax on deeds conveying real estate equal to ten cents for each five hundred dollars or fraction of five hundred dollars of the value of the property and to provide that the revenue from the additional tax must be credited to the Heritage Land Trust Fund.
This Bill would place in the Heritage Land Trust Fund approximately $1,200,000 per fiscal year.
Approved By:
A. Crawford Clarkson, Jr.
S.C. Tax Commission
TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 12-21-385 SO AS TO IMPOSE AN ADDITIONAL DOCUMENTARY STAMP TAX ON DEEDS CONVEYING REAL ESTATE EQUAL TO TEN CENTS FOR EACH FIVE HUNDRED DOLLARS OR FRACTION OF FIVE HUNDRED DOLLARS OF THE VALUE OF THE PROPERTY AND TO PROVIDE THAT THE REVENUE FROM THE ADDITIONAL TAX MUST BE CREDITED TO THE HERITAGE LAND TRUST FUND.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Article 3, Chapter 21, Title 12 of the 1976 Code is amended by adding:
"Section 12-21-385. In addition to the tax imposed pursuant to Section 12-21-380, there is imposed a tax equal to ten cents on each five hundred dollars or fraction of five hundred dollars. This additional tax applies in the same manner as the tax imposed pursuant to Section 12-21-380 except that all of the revenue of this additional tax must be credited to the Heritage Land Trust Fund established pursuant to Section 51-17-115."
SECTION 2. This act takes effect July 1, 1992.