Current Status Introducing Body:
SenateBill Number: 317Ratification Number: 107Act Number: 54Primary Sponsor: LourieType of Legislation: GBSubject: Homestead exemption, equal interest provision deletedCompanion Bill Number: 3030Date Bill Passed both Bodies: May 09, 1991Computer Document Number: 317Governor's Action: SDate of Governor's Action: May 27, 1991Introduced Date: Jan 08, 1991Date of Last Amendment: Jan 30, 1991Last History Body: ------Last History Date: May 27, 1991Last History Type: Act No. 54Scope of Legislation: StatewideAll Sponsors: Lourie Giese PassailaigueType of Legislation: General Bill
Bill Body Date Action Description CMN ---- ------ ------------ ------------------------------ --- 317 ------ May 27, 1991 Act No. 54 317 ------ May 27, 1991 Signed by Governor 317 ------ May 21, 1991 Ratified R 107 317 House May 09, 1991 Read third time, enrolled for ratification 317 House May 08, 1991 Read second time 317 House Apr 25, 1991 Committee Report: Favorable 30 317 House Feb 06, 1991 Introduced, read first time, 30 referred to Committee 317 Senate Feb 05, 1991 Read third time, sent to House 317 Senate Jan 30, 1991 Amended, read second time, ordered to third reading with notice of general amendments 317 Senate Jan 29, 1991 Committee Report: Favorable 06 317 Senate Jan 08, 1991 Introduced and read first 06 time, referred to Committee 317 Senate Nov 26, 1990 Prefiled, referred to 06 CommitteeView additional legislative information at the LPITS web site.
(A54, R107, S317)
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.
SECTION 3. This act takes effect upon approval by the Governor.
Approved the 27th day of May, 1991.