Current Status Bill Number:320 Type of Legislation:General Bill GB Introducing Body:Senate Introduced Date:19950110 Primary Sponsor:Cork All Sponsors:Cork Drafted Document Number:JUD6012.HAC Companion Bill Number:4104 Residing Body:Senate Current Committee:Judiciary Committee 11 SJ Subject:Real property transfer
Body Date Action Description Com Leg Involved
______ ________ _______________________________________ _______ ____________
Senate 19960313 Recommitted to Committee 11 SJ
Senate 19950419 Committee report: majority 11 SJ
favorable, with amendment,
minority unfavorable
Senate 19950110 Introduced, read first time, 11 SJ
referred to Committee
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COMMITTEE REPORT
April 19, 1995
S. 320
S. Printed 4/19/95--S.
Read the first time January 10, 1995.
To whom was referred a Bill (S. 320), to amend the Code of Laws of South Carolina, 1976, by adding Section 6-1-90, 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 therein the following:
/SECTION 1. Chapter 1, Title 6 of the 1976 Code is amended by adding:
"Section 6-1-90. (A) If real property is located within a municipality, a fee on the transfer of the real property may not be imposed by the county. If real property is located within an unincorporated area, a fee on the transfer of the real property may not be imposed by the municipality.
(B) The revenue generated by a real estate transfer fee must be specifically allocated and used for a dedicated purpose as specified in the ordinance.
(C) This section does not apply to any purchase of timber described in Section 36-2-107 even if such transfers are recordable.
(D) A real estate transfer fee may not exceed one-fourth of one percent of the purchase price.
(E) A deed, instrument, or writing whereby any lands, tenements, or other realty is granted, assigned, transferred, or otherwise conveyed to, or vested in, the State of South Carolina or any of its political subdivisions or departments for highway or other public purposes is exempted from a real estate transfer fee, and any clerk of court or register of mesne conveyances may record these deeds or other instruments without collecting a real estate transfer fee and without penalty."
SECTION 2. Section 6-1-70 of the 1976 Code, as added by Section 132, Act 497 of 1994, and Chapter 25 of Title 12 are repealed.
SECTION 3. This act takes effect upon approval by the Governor./
Amend title to conform.
Majority favorable. Minority unfavorable.
JAMES E. BRYAN, JR. ADDISON GRAVES WILSON
For Majority. For Minority.
This bill could increase local government real estate transfer fees by $22,300,000 in FY 1995-96, if all local governments participated. With the repeal of Section 6-1-70, local governments would not be required to remit these collections quarterly to the General Fund of the State.
This fiscal impact is based on the estimated $9 billion in real estate transfers from which the state documentary tax is derived.
Approved By:
Burnet R. Maybank, III
S.C. Department of Revenue
TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 6-1-90, SO AS TO PROVIDE THAT A COUNTY OR MUNICIPALITY MAY BY ORDINANCE IMPOSE A FEE ON THE TRANSFER OF REAL PROPERTY, AND TO PROVIDE CERTAIN CONDITIONS UNDER WHICH THE FEE MAY BE IMPOSED.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Chapter 1, Title 6 of the 1976 Code is amended by adding:
"Section 6-1-90. (A) A county or municipality, but not both, may by ordinance impose a fee on the transfer of real property. If the real property is located within the municipal limits, the fee may be imposed by the municipality. If the real property is located in an unincorporated area, the fee may be imposed by the county.
(B) The revenue generated by the real estate transfer fee must be specifically allocated and used for a dedicated purpose as specified in the ordinance.
(C) This section does not apply to any purchase of timber described in Section 36-2-107 even if such transfers are recordable.
(D) A transfer fee imposed under this section may not exceed one-fourth of one percent of the purchase price."
SECTION 2. Section 6-1-70 of the 1976 Code, as added by Section 132, Act 497 of 1994, is repealed.
SECTION 3. This act takes effect upon approval by the Governor.