South Carolina General Assembly
116th Session, 2005-2006

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Bill 776

Indicates Matter Stricken
Indicates New Matter


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

Indicates Matter Stricken

Indicates New Matter

AMENDED--NOT PRINTED IN THE HOUSE

Amt. No. 1 (Doc. Path council\nbd\12533ac06)

Amt. No. 2 (Doc. Path council\nbd\12541ac06)

May 16, 2006

S. 776

Introduced by Senator Verdin

S. Printed 5/4/06--H.

Read the first time February 8, 2006.

            

A BILL

TO AMEND SECTION 12-37-220, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO PROPERTY TAX EXEMPTIONS, SO AS TO ALLOW A PROPERTY TAX EXEMPTION FOR A MOTOR VEHICLE LICENSED AND REGISTERED BY THE SOUTH CAROLINA DEPARTMENT OF MOTOR VEHICLES AS AN ANTIQUE MOTOR VEHICLE.

Amend Title To Conform

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

SECTION    1.    Section 12-37-220(B) of the 1976 Code is amended by adding an appropriately numbered item at the end to read:

"( )    a motor vehicle licensed and registered as an antique motor vehicle pursuant to Article 23, Chapter 3 of Title 56."

SECTION    2.    A.    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."

B.    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."

C.    (1)     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."

(2)        SECTION C.(1) takes effect upon approval by the Governor and is applicable for travel trailer property tax years beginning after 2006.

D.    This section takes effect upon approval by the Governor and applies for property tax years beginning after 2005.

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 antique motor vehicle property tax years beginning after June 30, 2006.

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