Current Status Introducing Body:Senate Bill Number:685 Primary Sponsor:Giese Committee Number:06 Type of Legislation:GB Subject:Homestead exemption Residing Body:Senate Current Committee:Finance Companion Bill Number:4068 Computer Document Number:JIC/5787HC.93 Introduced Date:19930414 Last History Body:Senate Last History Date:19930414 Last History Type:Introduced, read first time, referred to Committee Scope of Legislation:Statewide All Sponsors:Giese Passailaigue Glover Type of Legislation:General Bill
Bill Body Date Action Description CMN Leg Involved
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685 Senate 19930414 Introduced, read first time, 06
referred to Committee
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TO AMEND SECTION 12-37-266, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE APPLICATION OF THE HOMESTEAD EXEMPTION TO PROPERTY HELD IN TRUST FOR LIFE, SO AS TO PROVIDE THAT THE EXEMPTION APPLIES WHEN THE OTHERWISE ELIGIBLE BENEFICIARY OF A TRUST POSSESSES USE OF THE DWELLING.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 12-37-266 of the 1976 Code is amended to read:
"Section 12-37-266. (1) When a trustee holds legal title to a dwelling that is the legal residence of a person beneficiary sixty-five years of age or older, or totally and permanently disabled, or blind, and such the person beneficiary possesses the use of the dwelling for life, the dwelling shall be is exempt from property taxation in the amount and manner as dwellings are exempt under Section 12-37-250 of the 1976 Code (homestead exemption); provided, that such person if the beneficiary meets the other conditions required for such the exemption. The trustee shall annually shall make application apply to the county auditor for the exemption on a form approved by the Comptroller General.
(2) The Comptroller General shall reimburse the taxing entity for the taxes not collected by reason of the exemption in the same manner and under the same conditions as reimbursement is provided for such the exemption by allowed pursuant to Section 12-37-250 of the 1976 Code."
SECTION 2. This act takes effect upon approval by the Governor.