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Indicates Matter Stricken
Indicates New Matter
Indicates Matter Stricken
Indicates New Matter
COMMITTEE AMENDMENT ADOPTED
May 20, 2004
H. 4440
S. Printed 5/20/04--S.
Read the first time April 29, 2004.
TO AMEND SECTION 12-37-224, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE CLASSIFICATION OF A MOTOR HOME AS REAL PROPERTY FOR PURPOSES OF AD VALOREM TAXES AND THE REQUIREMENTS NECESSARY FOR THAT CLASSIFICATION, SO AS TO INCLUDE BOATS WITHIN THE CLASSIFICATION IF THEY MEET THE SAME REQUIREMENTS, AND TO PROVIDE A CAP ON THE MAXIMUM AD VALOREM TAXATION WHICH MAY BE LEVIED ON SUCH A BOAT FOR ANY YEAR.
Amend Title To Conform
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 12-43-360 of the 1976 Code, as added by Act 30 of 2003, is amended to read:
"Section 12-43-360. (A) The governing body of a county by ordinance may reduce the assessment ratio otherwise applicable in determining the assessed value of general aviation aircraft subject to property tax in the county to a ratio not less than four percent of the fair market value of the general aviation aircraft. The ordinance must apply uniformly to all general aviation aircraft subject to property tax in the county.
(B) The governing body of a county by ordinance may reduce the assessment ratio otherwise applicable in determining the assessed value of boats subject to property tax in the county to a ratio not less than four percent of the fair market value of the boat. The ordinance must apply uniformly to all boats subject to property tax in the county. Before such an ordinance may be enacted, the governing body of any school district located in whole or in part in the county, by resolution, must approve the amount of the proposed reduction in the assessment ratio."
SECTION 2. Article 5, Chapter 37, Title 12 of the 1976 Code, is amended by adding:
"Section 12-37-712. In addition to any other provisions of law subjecting boats and boat motors to property tax in this State:
(1) A boat, including its motor if the motor is separately taxed, used in interstate commerce having a tax situs in this State and at least one other state is subject to property tax in this State. The value of such a boat must be determined based on the fair market value of the boat multiplied by a fraction representing the number of days present in this State. The fraction is determined by dividing the number of days the boat was present in this State by three hundred and sixty-five days. A boat used in interstate commerce must be physically present in this State on thirty days in the aggregate in a property tax year to become subject to ad valorem taxation.
(2) A boat, including its motor if the motor is separately taxed, which is not present in this State on December thirty-first and is not used exclusively in interstate commerce, is subject to property tax in this State if it is present within this State for sixty consecutive days or on ninety days in the aggregate in a property tax year. Upon written request by a tax official, the owner must provide documentation or logs relating to the whereabouts of the boat in question. Failure to produce requested documents creates a rebuttable presumption that the boat in question is taxable within this State."
SECTION 3. This act takes effect upon approval by the Governor.
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