Bill 135

                    Current Status

Bill Number:                    135
Ratification Number:            55
Act Number:                     36
Type of Legislation:            General Bill GB
Introducing Body:               Senate
Introduced Date:                19970114
Primary Sponsor:                McConnell 
All Sponsors:                   McConnell 
Drafted Document Number:        s-res\mcconnel\res1208.gfm
Date Bill Passed both Bodies:   19970507
Governor's Action:              S
Date of Governor's Action:      19970521
Subject:                        Property tax assessments,
                                installment contract with U.S.
                                Veterans' Affairs Department, ratio
                                assessment; Taxation

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

------  19970604  Act No. A36
------  19970521  Signed by Governor
------  19970515  Ratified R55
House   19970507  Read third time, enrolled for
                  ratification
House   19970506  Read second time
House   19970501  Debate adjourned until
                  Tuesday, 19970506
House   19970430  Debate adjourned until
                  Thursday, 19970501
House   19970429  Debate adjourned until
                  Wednesday, 19970430
House   19970417  Committee report: Favorable              30 HWM
House   19970311  Introduced, read first time,             30 HWM
                  referred to Committee
Senate  19970306  Read third time, sent to House
Senate  19970305  Read second time
Senate  19970220  Committee report: Favorable              06 SF
Senate  19970114  Introduced, read first time,             06 SF
                  referred to Committee

(A36, R55, S135)

AN ACT TO AMEND ARTICLE 3, CHAPTER 43, TITLE 12, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO UNIFORM ASSESSMENT RATIOS, BY ADDING SECTION 12-43-221 SO AS TO PROVIDE THAT PROPERTY IN WHICH THE OCCUPANT HAS AN INTEREST PURSUANT TO AN INSTALLMENT CONTRACT FOR SALE WITH THE UNITED STATES DEPARTMENT OF VETERANS AFFAIRS, OR ITS ASSIGNEE, IS ELIGIBLE FOR THE ASSESSMENT RATIO PROVIDED IN SECTION 12-43-220(c) AND THE EXEMPTIONS PROVIDED IN SECTIONS 12-37-220, 12-37-250, AND 12-37-290, AS LONG AS THE ADDITIONAL REQUIREMENTS OF THOSE SECTIONS, OTHER THAN THE OWNERSHIP REQUIREMENT, ARE ALSO MET AND TO PROVIDE FOR REFUNDS UPON APPLICATION.

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

Veterans Affairs contract for sale

SECTION 1. Article 3, Chapter 43, Title 12 of the 1976 Code is amended by adding:

"Section 12-43-221. Property in which the occupant has an interest pursuant to an installment contract for sale with the United States Department of Veterans Affairs, or its assignee, is eligible for the assessment ratio provided in Section 12-43-220(c) and the exemptions provided in Sections 12-37-220, 12-37-250, and 12-37-290, as long as the additional requirements of those sections, other than the ownership requirement, are also met."

Property tax refund available

SECTION 2. Upon application to the county assessor's office, a person who has an interest in property pursuant to an installment contract for sale with the Veterans Administration of the United States and who is otherwise qualified by the exemptions provided for in Sections 12-37-220, 12-37-250, 12-37-290, or 12-43-220(c) is entitled to a refund of the difference between the amount of tax actually paid and the amount of tax due if the property had been assessed pursuant to Sections 12-37-220, 12-37-250, 12-37-290, or 12-43-220(c), whichever is applicable. This refund must be paid for tax years beginning after 1995.

Time effective

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

Approved the 21st day of May, 1997.