South Carolina General Assembly
118th Session, 2009-2010

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Bill 4174

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COMMITTEE AMENDMENT ADOPTED

March 4, 2010

H. 4174

Introduced by Reps. Harvin, Bales, Harrison, G.M. Smith and Wylie

S. Printed 3/4/10--S.

Read the first time February 3, 2010.

            

A BILL

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.

Amend Title To Conform

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:

(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.

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