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5016Type of Legislation: General Bill GBIntroducing Body: HouseIntroduced Date: 20000502Primary Sponsor: KirshAll Sponsors: KirshDrafted Document Number: l:\council\bills\bbm\9549htc00.docResiding Body: HouseCurrent Committee: Ways and Means Committee 30 HWMSubject: Homestead exemption for certain aging, handicapped; additional of ten thousand dollars when; Property, TaxationHistory Body Date Action Description Com Leg Involved ______ ________ ______________________________________ _______ ____________ House 20000502 Introduced, read first time, 30 HWM referred to Committee Versions of This Bill
TO AMEND SECTION 12-37-250, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE HOMESTEAD PROPERTY TAX EXEMPTION FOR PERSONS WHO ARE OVER THE AGE OF SIXTY-FIVE YEARS OR WHO ARE BLIND OR TOTALLY AND PERMANENTLY DISABLED, SO AS TO PROVIDE AN ADDITIONAL EXEMPTION EQUAL TO TEN THOUSAND DOLLARS OF FAIR MARKET VALUE OF THE HOMESTEAD IF THE COMBINED ADJUSTED GROSS INCOME OF THE OWNER OR OWNERS FOR FEDERAL INCOME TAX PURPOSES FOR THE PRECEDING TAXABLE YEAR WAS LESS THAN FIFTY THOUSAND DOLLARS, AND TO REQUIRE AN ANNUAL APPLICATION FOR THIS ADDITIONAL EXEMPTION.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 12-37-250 of the 1976 Code, as last amended by Act 107 of 1997, is further amended by adding a paragraph at the end to read:
"A homestead eligible for the exemption allowed by this section, the resident owner or owners of which have a combined adjusted gross income for federal income tax purposes in the most recently completed taxable year before the current property tax year of less than fifty thousand dollars, is allowed an additional exemption equal to ten thousand dollars of fair market value of the homestead. This additional exemption must be claimed annually by means of a form prescribed by the Comptroller General in which the owner or the owner's agent certifies, under penalty of perjury, that the owner meets the income eligibility requirements for this additional exemption. This form must be filed with the county auditor no later than the first penalty date for property taxes for the applicable property tax year. The form may require such other information as the Comptroller General considers necessary for the administration of this additional exemption."
SECTION 2. This act takes effect upon approval by the Governor and applies for taxable years beginning after 1999.
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