Current Status Introducing Body:House Bill Number:3994 Primary Sponsor:Barber Committee Number:30 Type of Legislation:GB Subject:Property tax assessments, boats Residing Body:House Current Committee:Ways and Means Computer Document Number:JIC/5526HC.93 Introduced Date:19930414 Last History Body:House Last History Date:19930414 Last History Type:Introduced, read first time, referred to Committee Scope of Legislation:Statewide All Sponsors:Barber Type of Legislation:General Bill
Bill Body Date Action Description CMN Leg Involved
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3994 House 19930414 Introduced, read first time, 30
referred to Committee
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TO AMEND SECTION 12-43-220, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO CLASSIFICATION OF PROPERTY AND ASSESSMENT RATIOS FOR PURPOSES OF PROPERTY TAXES, SO AS TO PROVIDE THAT THE ASSESSMENT RATIO IS SIX PERCENT RATHER THAN TEN AND ONE-HALF PERCENT FOR A BOAT QUALIFYING FOR THE HOME MORTGAGE INTEREST DEDUCTION ALLOWED BY THE INTERNAL REVENUE CODE OF 1986.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 12-43-220(f) of the 1976 Code is amended to read:
"(f) Except as specifically provided by law all other personal property shall must be taxed on an assessment of ten and one-half percent of fair market value of such the property except that commercial fishing boats shall must be taxed on an assessment of five percent of fair market value. As used in this item `commercial fishing boats' shall mean means boats licensed by the Department of Wildlife and Marine Resources pursuant to Article 3, Chapter 15 of Title 50 which are used exclusively for commercial fishing, shrimping, or crabbing. A boat qualifying as a home for purposes of the home mortgage interest deduction allowed pursuant to the Internal Revenue Code of 1986 must be taxed on an assessment of six percent of the fair market value of the boat."
SECTION 2. This act takes effect upon approval by the Governor and applies with respect to tax years beginning after 1992.