Bill 4513

                    Current Status

Bill Number:                       4513
Type of Legislation:               General Bill GB
Introducing Body:                  House
Introduced Date:                   19960130
Primary Sponsor:                   Witherspoon
All Sponsors:                      Witherspoon, Hallman,
                                   Keyserling, J. Hines, Mason, Koon,
                                   Cain, Sandifer, Haskins, G. Brown,
                                   Meacham, Seithel, Simrill, Thomas,
                                   Wells, McCraw, Wright, Kelley,
                                   Hutson, Fulmer, Askins, J. Young,
                                   Keegan, Boan, Moody-Lawrence,
                                   Robinson, Rhoad, Riser, Trotter,
                                   J. Brown, Kirsh, H. Brown, Whatley,
                                   Spearman, Martin, Kennedy, Baxley,
                                   Hodges, Vaughn, Wilder, Tripp,
                                   Richardson, Phillips, Marchbanks,
                                   Elliott, Harvin and Lloyd 
Drafted Document Number:           pfm\7822sd.96
Residing Body:                     House
Current Committee:                 Ways and Means Committee 30
                                   HWM
Subject:                           Property tax, recreational
                                   vehicle or boat

Body    Date      Action Description                       Com     Leg Involved
______  ________  _______________________________________  _______ ____________

House   19960130  Introduced, read first time,             30 HWM
                  referred to Committee

A BILL

TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 12-37-224 SO AS TO PROVIDE THAT A RECREATIONAL VEHICLE OR BOAT ON WHICH THE INTEREST PORTION OF ANY INDEBTEDNESS THEREON IS OR WOULD BE DEDUCTIBLE UNDER THE INTERNAL REVENUE CODE AS AN INTEREST EXPENSE ON A QUALIFIED PRIMARY OR SECOND RESIDENCE IS ALSO DEEMED TO BE A PRIMARY OR SECOND RESIDENCE FOR PURPOSES OF AD VALOREM PROPERTY TAXATION IN THIS STATE AND AS SUCH IS CONSIDERED REAL RATHER THAN PERSONAL PROPERTY FOR THESE PURPOSES.

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

SECTION 1. The 1976 Code is amended by adding:

"Section 12-37-224. A recreational vehicle or boat on which the interest portion of any indebtedness thereon is or would be deductible under the Internal Revenue Code as an interest expense on a qualified primary or second residence is also deemed to be a primary or second residence for purposes of ad valorem property taxation in this State and as such is considered real rather than personal property for these purposes."

SECTION 2. This act takes effect upon approval by the Governor.