South Carolina General Assembly
103rd Session, 1979-1980

Bill 715

                    Current Status

Bill Number:               715
Ratification Number:       358
Act Number                 330
Introducing Body:          Senate
Subject:                   Exemption to apply to life estates
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(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

(A330, R358, S715)

AN ACT TO AMEND SECTION 12-37-250, CODE OF LAWS OF SOUTH CAROLINA, 1976, AS AMENDED, RELATING TO HOMESTEAD TAX EXEMPTION FOR TAXPAYERS SIXTY-FIVE OR OVER, TOTALLY AND PERMANENTLY DISABLED OR LEGALLY BLIND, SO AS TO MAKE SUCH EXEMPTION APPLICABLE TO LIFE ESTATES CREATED OTHER THAN BY WILL AND IN EFFECT ON OR BEFORE DECEMBER 31, 1979, INSTEAD OF DECEMBER 31, 1971.

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

Exemption to apply to life estates

Section 1. The last paragraph of Section 12-37-250 of the 1976 Code is amended to read:

"The provisions of this section shall apply to life estates created by will and also to life estates otherwise created which were in effect on or before December 31, 1979."

Time effective

Section 2. This act upon approval by the Governor shall be effective for the tax year beginning January 1, 1981, and each year thereafter.