Current Status Introducing Body:
HouseBill Number: 4608Primary Sponsor: RudnickCommittee Number: 30Type of Legislation: GBSubject: Homestead exemption, consumer price indexResiding Body: HouseCurrent Committee: Ways and MeansComputer Document Number: JIC/5402HC.94Introduced Date: 19940126Last History Body: HouseLast History Date: 19940126Last History Type: Introduced, read first time, referred to CommitteeScope of Legislation: StatewideAll Sponsors: Rudnick G. Brown Baxley Govan J. Bailey Inabinett Sturkie Harrison Harrell McAbee Delleney Barber R. YoungType of Legislation: General Bill
Bill Body Date Action Description CMN Leg Involved ____ ______ ____________ ______________________________ ___ ____________ 4608 House 19940126 Introduced, read first time, 30 referred to CommitteeView additional legislative information at the LPITS web site.
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 54 of 1991, 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 1994 tax year.
SECTION 3. This act takes effect upon approval by the Governor.