South Carolina General Assembly
110th Session, 1993-1994

Bill 3139

Indicates Matter Stricken
Indicates New Matter 

                    Current Status

Introducing Body:               House
Bill Number:                    3139
Primary Sponsor:                Corning
Committee Number:               30
Type of Legislation:            GB
Subject:                        Homestead exemption
Residing Body:                  House
Current Committee:              Ways and Means
Computer Document Number:       JIC/5075HC.93
Introduced Date:                19930114    
Last History Body:              House
Last History Date:              19930114    
Last History Type:              Introduced, read first time,
                                referred to Committee
Scope of Legislation:           Statewide
All Sponsors:                   Corning
                                     Quinn
                                     Hallman
                                     Haskins
                                     Shissias
                                     Harrison
                                     Jaskwhich
                                     Fulmer
                                     Simrill
                                     R. Smith
                                     Meacham
                                     Gonzales
                                     Davenport
                                     Beatty
                                     Robinson
                                     A. Young
Type of Legislation:            General Bill
History


Bill  Body    Date          Action Description              CMN  Leg Involved
____  ______  ____________  ______________________________  ___  ____________

3139  House   19930114      Introduced, read first time,    30
                            referred to Committee
View additional legislative information at the LPITS web site.

(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

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 REQUIRE THE EXEMPTION AMOUNT TO BE ADJUSTED ANNUALLY TO OFFSET INCREASES IN THE CONSUMER PRICE INDEX AND TO PRESCRIBE THE PROCEDURE FOR MAKING THE ADJUSTMENT.

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

SECTION 1. Section 12-37-250 of the 1976 Code, as last amended by Act 530 of 1990, is further amended by adding at the end:

"The exemption amount provided in this section must be adjusted annually in the same manner that income tax brackets are adjusted as provided in Section (1)(f) of the Internal Revenue Code of 1986, mutatis mutandis. The exemption amount, as adjusted, applies in place of the amount provided in this section for the next tax year. The Comptroller General shall make the appropriate calculation and notify county auditors of the adjusted exemption amount."

SECTION 2. The inflation adjustment required by the amendment to Section 12-37-250 of the 1976 Code contained in this act must first be made for the exemption amount applicable for the 1993 tax year.

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

-----XX-----