South Carolina General Assembly
109th Session, 1991-1992

Bill 1069


Indicates Matter Stricken
Indicates New Matter


                    Current Status

Introducing Body:               Senate
Bill Number:                    1069
Primary Sponsor:                Passailaigue
Committee Number:               06
Type of Legislation:            GB
Subject:                        Income tax credit, firsttime
                                homebuyers, when
Residing Body:                  Senate
Current Committee:              Finance
Computer Document Number:       1069
Introduced Date:                Jan 14, 1992
Last History Body:              Senate
Last History Date:              Jan 14, 1992
Last History Type:              Introduced, read first time,
                                referred to Committee
Scope of Legislation:           Statewide
All Sponsors:                   Passailaigue
Type of Legislation:            General Bill



History


 Bill  Body    Date          Action Description              CMN
 ----  ------  ------------  ------------------------------  ---
 1069  Senate  Jan 14, 1992  Introduced, read first time,    06
                             referred to Committee
 1069  Senate  Sep 30, 1991  Prefiled, referred to           06
                             Committee

View additional legislative information at the LPITS web site.


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

A BILL

TO AMEND ARTICLE 10 OF CHAPTER 7 OF TITLE 12 OF THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 12-7-1280 SO AS TO ALLOW TAX CREDITS FOR FIRST-TIME HOMEBUYERS WHOSE ADJUSTED GROSS INCOME DOES NOT EXCEED FORTY THOUSAND NINE HUNDRED NINETY-NINE DOLLARS.

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

SECTION 1. Article 10, Chapter 7, Title 12 of the 1976 Code is amended by adding:

"Section 12-7-1280. (A) If an individual who is a first-time homebuyer purchases a principal residence during the taxable year, there shall be allowed to such individual a credit against taxes imposed by this chapter for income taxes based on the taxpayer's adjusted gross income for the taxable year. The credits allowable are as follows:

(1) An individual with an adjusted gross income of $21,000 or less is entitled to a credit of $500.

(2) An individual with an adjusted gross income of more than $21,000 but less than $30,000 is entitled to a credit of $250.

(3) An individual with an adjusted gross income of more than $30,000 but less than $41,000 shall be entitled to a credit of $125.

(B) No credit shall be allowed under subsection (A) to any individual whose adjusted gross income for the taxable year exceeds $40,999.

(C) The adjusted gross income of any individual for any taxable year shall include the adjusted gross income of such individual's spouse for such spouse's taxable year corresponding to the taxable year of the individual.

(D) If a residence is purchased together by two or more individuals for use as their principal residence, the following provisions shall apply:

(1) such individuals shall be limited to one credit under this section for such purchase and the amount of such credit shall be allocated among such individuals on a pro rata basis;

(2) no credit shall be allowed under this section unless all such individuals are first-time homebuyers; and

(3) the aggregate adjusted income of all such individuals shall be taken into account in determining the amount of the credit allowable under this section for such purchase.

(E) For purposes of this section, the term:

(1) `First-time homebuyer' means any individual if such individual (and if married, such individual's spouse) had no present ownership interest in a principal residence during the three-year period ending on the date of acquisition of the principal residence to which this section applies.

(2) `Principal residence' means the individual's place of abode where the taxpayer inhabits with the intention of remaining for an undetermined period of time."

SECTION 2. This act takes effect upon approval by the Governor.

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