Bill 3030

                    Current Status

Introducing Body:               House
Bill Number:                    3030
Primary Sponsor:                P. Harris
Committee Number:               30
Type of Legislation:            GB
Subject:                        Homestead exemption, interest in,
                                provisions
Residing Body:                  House
Current Committee:              Ways and Means
Companion Bill Number:          317
Computer Document Number:       3030
Introduced Date:                Jan 08, 1991
Last History Body:              House
Last History Date:              Jan 08, 1991
Last History Type:              Introduced and read first time,
                                referred to Committee
Scope of Legislation:           Statewide
All Sponsors:                   P. Harris
                                Waldrop
Type of Legislation:            General Bill

 Bill  Body    Date          Action Description              CMN
 ----  ------  ------------  ------------------------------  ---
 3030  House   Jan 08, 1991  Introduced and read first       30
                             time, referred to Committee
 3030  House   Dec 12, 1990  Prefiled, referred to           30
                             Committee

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.

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

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

"The homestead tax exemption shall must be granted in the amount herein provided in this paragraph to those persons who own a dwelling in part in fee or in part for life when such the persons satisfy the other conditions of the exemption. The amount of the exemption shall must be determined by multiplying the percentage of the fee or life estate owned by such the person to by the full exemption. The exemption shall may not exceed the value of the interest owned by such the person. For purposes of the exemption, each owner of a part of the fee or life estate shall be deemed to own equal interest in the homestead."

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.

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