South Carolina General Assembly
116th Session, 2005-2006

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Bill 3453

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Indicates Matter Stricken

Indicates New Matter

AMENDED

April 26, 2005

H. 3453

Introduced by Reps. Limehouse, Altman, Barfield, Bailey, Rice, Scarborough, Wilkins, Owens, Clemmons, Hagood and Mahaffey

S. Printed 4/26/05--H.

Read the first time February 3, 2005.

            

A BILL

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 AMEND SECTION 12-37-220, AS AMENDED, RELATING TO PROPERTY TAX EXEMPTIONS, SO AS TO EXEMPT A SUFFICIENT AMOUNT OF THE FAIR MARKET VALUE OF A WATERCRAFT AND OF THE COMBINED VALUE OF A WATERCRAFT AND ITS MOTOR, IF TAXED SEPARATELY, TO LIMIT TO ONE THOUSAND FIVE HUNDRED DOLLARS THE PROPERTY TAX DUE ON THE WATERCRAFT OR BOTH THE WATERCRAFT AND THE MOTOR, FOR ONE PROPERTY-TAX YEAR.

Amend Title To Conform

Be it enacted by the General Assembly of the State of South Carolina:

SECTION    1.    Section 12-37-224 of the 1976 Code, as added by Act 114 of 1999, is amended to read:

"Section 12-37-224.    A motor home or boat on which the interest portion of indebtedness is deductible pursuant to the Internal Revenue Code as an interest expense on a qualified primary or second residence is also a primary or second residence for purposes of ad valorem property taxation in this State and is considered real property rather than personal property for property tax purposes."

SECTION    2.    Section 12-37-220(B)(38) of the 1976 Code is amended to read:

"(38)(a)    Watercraft and motors which that have an assessment of not more than fifty dollars.

(b)    an amount of the fair market value of any watercraft, including those assessed pursuant to Section 12-37-224, sufficient to limit to one thousand five hundred dollars the total property tax on the watercraft for a property-tax year."

SECTION    3.    A.     Section 12-37-224 of the 1976 Code is amended to read:

"Section 12-37-224.    A motor home, or trailer used for camping and recreational travel that is pulled by a motor vehicle, on which the interest portion of indebtedness is deductible pursuant to the Internal Revenue Code as an interest expense on a qualified primary or second residence is also a primary or second residence for purposes of ad valorem property taxation in this State and is considered real property rather than personal property for property tax purposes."

B.     This SECTION takes effect upon approval by the Governor and is applicable for travel trailer property tax years beginning after 2005.

SECTION    4.    This act takes effect upon approval by the Governor and applies for property tax years beginning after 2004.

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