Scroll to History Page
Scroll to Previous Versions Links List
Scroll to Full Text
Download This Bill in Microsoft Word format
Current Status Bill Number:View additional legislative information at the LPITS web site.5082 Type of Legislation:General Bill GB Introducing Body:House Introduced Date:20020410 Primary Sponsor:Keegan All Sponsors:Keegan, Barfield, Edge and Kelley Drafted Document Number:l:\council\bills\dka\4820dc02.doc Residing Body:House Current Committee:Ways and Means Committee 30 HWM Subject:Deed recording fee, exemptions and provisions History Body Date Action Description Com Leg Involved ______ ________ ______________________________________ _______ ____________ House 20020410 Introduced, read first time, 30 HWM referred to Committee Versions of This Bill
TO AMEND SECTION 12-24-40, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO EXEMPTIONS FROM THE DEED RECORDING FEE, SO AS TO PROVIDE THAT DEEDS TRANSFERRING REALTY FROM A CORPORATION, A PARTNERSHIP, OR A TRUST AS A STOCKHOLDER, PARTNER, OR TRUST BENEFICIARY OF THE ENTITY OR TO BECOME A STOCKHOLDER, PARTNER, OR TRUST BENEFICIARY OF THE ENTITY ARE EXEMPT FROM THE FEE, AND THAT, EXCEPT FOR TRANSFERS FROM ONE FAMILY TRUST TO ANOTHER FAMILY TRUST, THE TRANSFER OF REALTY TO A CORPORATION, A PARTNERSHIP, OR A TRUST TO A STOCKHOLDER, PARTNER, OR TRUST BENEFICIARY OF THE ENTITY IS SUBJECT TO THE FEE.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 12-24-40(8) of the 1976 Code is amended to read:
"(8) transferring realty to from a corporation, a partnership, or a trust as a stockholder, partner, or trust beneficiary of the entity or so as to become a stockholder, partner, or trust beneficiary of the entity as long as no consideration is paid for the transfer other than stock in the corporation, interest in the partnership, beneficiary interest in the trust, or the increase in value in the stock or interest held by the grantor. However, except for transfers from one family trust to another family trust without consideration, the transfer of realty from to a corporation, a partnership, or a trust to a stockholder, partner, or trust beneficiary of the entity is subject to the fee, even if the realty is transferred to another corporation, a partnership, or trust;"
SECTION 2. This act takes effect upon approval by the Governor.
This web page was last updated on Tuesday, December 8, 2009 at 11:38 A.M.