South Carolina General Assembly
113th Session, 1999-2000

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Bill 3022


Indicates Matter Stricken
Indicates New Matter


                    Current Status

Bill Number:                      3022
Type of Legislation:              General Bill GB
Introducing Body:                 House
Introduced Date:                  19990112
Primary Sponsor:                  Witherspoon
All Sponsors:                     Witherspoon, Edge
Drafted Document Number:          l:\council\bills\gjk\20061sd99.doc
Residing Body:                    House
Current Committee:                Ways and Means Committee 30 HWM
Subject:                          Property tax exemptions, boat when 
                                  expense deemed as residence, portion of 
                                  indebtedness; Watercraft, Taxation


                        History

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

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(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

A 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.

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