Bill 3224

                    Current Status

Bill Number:               3224
Ratification Number:       383
Act Number                 350
Introducing Body:          House
Subject:                   Criteria for qualification of life
                           estates for homestead tax exemption

(A350, R383, H3224)

AN ACT TO QUALIFY LIFE ESTATES FOR HOMESTEAD TAX EXEMPTION WHEN THE PERSON ENTITLED TO THE EXEMPTION CREATES SUCH ESTATE BY CONVEYING THE REMAINDER TO THE HOMESTEAD IN FEE RESERVING TO HIMSELF A LIFE ESTATE AND TO PROVIDE THAT LIFE ESTATES SO CREATED MAY QUALIFY FOR HOMESTEAD EXEMPTIONS FOR 1979 UPON MEETING CERTAIN CONDITIONS.

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

Criteria for qualification of life estates for homestead tax exemption

Section 1. Notwithstanding any other provision of law, when a person is entitled to the homestead tax exemption provided by Section 12-37-250 of the 1976 Code and owns fee simple title to the homestead, and who thereafter creates a life estate for such person by conveyance of the remainder, the life estate so created shall satisfy the ownership requirements for the exemption The term "person" shall include husband and wife when the homestead is jointly owned and either is entitled to the exemption.

Further

Section 2. Any person who has made a conveyance specified in Section 1 of this act and who has applied for the exemption for the 1979 year or who applies for such exemption within ninety days from the effective date of this act shall be granted the exemption for 1979. If the tax has been paid it shall be refunded. The county treasurers and the municipalities are authorized to refund the tax and the Comptroller General is authorized to reimburse the counties and municipalities for the amount of the tax so refunded.

Time effective

Section 3. This act shall be effective for the tax year beginning January 1, 1980, and each year thereafter.