Download This Bill in Microsoft Word format
Current Status Bill Number:View additional legislative information at the LPITS web site.
3022Type of Legislation: General Bill GBIntroducing Body: HouseIntroduced Date: 19990112Primary Sponsor: WitherspoonAll Sponsors: Witherspoon, EdgeDrafted Document Number: l:\council\bills\gjk\20061sd99.docResiding Body: HouseCurrent Committee: Ways and Means Committee 30 HWMSubject: Property tax exemptions, boat when expense deemed as residence, portion of indebtedness; Watercraft, TaxationHistory Body Date Action Description Com Leg Involved ______ ________ ______________________________________ _______ ____________ House 19990112 Introduced, read first time, 30 HWM referred to Committee House 19981209 Prefiled, referred to Committee 30 HWM Versions of This Bill
TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 12-37-224 SO AS TO PROVIDE THAT A 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, AND TO PROVIDE A CAP ON THE MAXIMUM AD VALOREM TAXATION WHICH MAY BE LEVIED ON SUCH A BOAT FOR ANY YEAR.
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 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. Additionally, the maximum ad valorem taxation on such a boat for any year is one thousand five hundred dollars."
SECTION 2. This act takes effect upon approval by the Governor.
This web page was last updated on Wednesday, December 9, 2009 at 9:12 A.M.