Download This Version in Microsoft Word format
Indicates Matter Stricken
Indicates New Matter
Indicates Matter Stricken
Indicates New Matter
COMMITTEE REPORT
March 3, 2010
H. 4174
Introduced by Reps. Harvin, Bales, Harrison, G.M. Smith and Wylie
S. Printed 3/3/10--S.
Read the first time February 3, 2010.
To whom was referred a Bill (H. 4174) to amend Section 12-37-3150, as amended, Code of Laws of South Carolina, 1976, relating to determining when a parcel of real property must be appraised, etc., respectfully
That they have duly and carefully considered the same and recommend that the same do pass with amendment:
Amend the bill, as and if amended, by striking all after the enacting words and inserting:
/ SECTION 1. A. Section 12-37-3150(A)(3) of the 1976 Code is amended to read:
"(3) a conveyance to a trust, except if:
(a) the settlor or the settlor's spouse, or both, conveys the property to the trust and the sole present beneficiary or beneficiaries are the settlor or the settlor's spouse, or both; or
(b) the settlor or the settlor's spouse, or both, conveys property subject to the special four percent assessment ratio pursuant to Section 12-43-220(c) and the sole present beneficiary or beneficiaries are the child or children of the settlor or the settlor's spouse;"
B. Section 12-37-3150(A)(6) of the 1976 Code is amended to read:
"(6) a conveyance by distribution under a will or by intestate succession, except if:
(a) the distributee is the decedent's spouse; or
(b) the distributee is a child or children of the decedent, the decedent did not have a spouse at the time of the decedent's death, and the property is subject to the special four percent assessment ratio pursuant to Section 12-43-220(c);"
SECTION 2. This act takes effect upon approval by the Governor. /
Renumber sections to conform.
Amend title to conform.
HUGH K. LEATHERMAN, SR. for Committee.
TO AMEND SECTION 12-37-3150, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO DETERMINING WHEN A PARCEL OF REAL PROPERTY MUST BE APPRAISED AS A RESULT OF AN ASSESSABLE TRANSFER OF INTEREST, SO AS TO PROVIDE THAT A CONVEYANCE TO A TRUST DOES NOT CONSTITUTE AN ASSESSABLE TRANSFER OF INTEREST IN THE REAL PROPERTY IF THE SETTLOR OR SETTLOR'S SPOUSE CONVEYS THE PROPERTY TO A TRUST THE BENEFICIARIES OF WHICH ARE A CHILD OR CHILDREN OF THE SETTLOR OR THE SETTLOR'S SPOUSE AND TO PROVIDE THAT A CONVEYANCE BY DISTRIBUTION UNDER A WILL OR BY INTESTATE SUCCESSION DOES NOT CONSTITUTE AN ASSESSABLE TRANSFER OF INTEREST IN THE REAL PROPERTY IF THE DISTRIBUTEE IS A CHILD OR CHILDREN OF A DECEDENT AND THE DECEDENT DID NOT HAVE A SPOUSE AT THE DECEDENT'S DATE OF DEATH.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1.A. Section 12-37-3150(A)(3) of the 1976 Code is amended to read:
"(3) a conveyance to a trust, except if the settlor or the settlor's spouse, or both, conveys the property to the trust and the sole present beneficiary or beneficiaries are the settlor, or the settlor's spouse, or both, or a child or children of the settlor or the settlor's spouse;"
B. Section 12-37-3150(A)(6) of the 1976 Code is amended to read:
"(6) a conveyance by distribution under a will or by intestate succession, except if the distributee is the decedent's spouse or a child or children of the decedent if the decedent did not have a spouse at the decedent's date of death;"
SECTION 2. This act takes effect upon approval by the Governor.
This web page was last updated on March 3, 2010 at 6:42 PM