South Carolina General Assembly
112th Session, 1997-1998

Bill 3468

Indicates Matter Stricken
Indicates New Matter 

                    Current Status

Bill Number:                       3468
Type of Legislation:               General Bill GB
Introducing Body:                  House
Introduced Date:                   19970218
Primary Sponsor:                   Altman 
All Sponsors:                      Altman 
Drafted Document Number:           gjk\20109sd.97
Residing Body:                     Senate
Current Committee:                 Finance Committee 06 SF
Subject:                           Property tax exemptions,
                                   dwelling place of former POW or
                                   Medal of Honor recipient, Veterans'
                                   and Military Affairs
History


Body    Date      Action Description                       Com     Leg Involved
______  ________  _______________________________________  _______ ____________
Senate  19970501  Introduced, read first time,             06 SF
                  referred to Committee
House   19970430  Read third time, sent to Senate
House   19970429  Read second time
House   19970417  Committee report: Favorable              30 HWM
House   19970218  Introduced, read first time,             30 HWM
                  referred to Committee
View additional legislative information at the LPITS web site.

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

COMMITTEE REPORT

April 17, 1997

H. 3468

Introduced by Rep. Altman

S. Printed 4/17/97--H.

Read the first time February 18, 1997.

THE COMMITTEE ON WAYS AND MEANS

To whom was referred a Bill (H. 3468), to amend Section 12-37-220, as amended, Code of Laws of South Carolina, 1976, relating to property tax exemptions, etc., respectfully

REPORT:

That they have duly and carefully considered the same, and recommend that the same do pass:

HENRY E. BROWN, JR., for Committee.

STATEMENT OF ESTIMATED FISCAL IMPACT

This bill would have no effect on local property tax revenue assuming that local governments adjust for the exempted assessed value when calculating their millage rates for 1997. Approximately $150,000 of property tax burden will be shifted from prisoners of war and medal of honor recipients to other classes of taxable property. In addition, we estimate that state expenditures on the $20,000 homestead exemption and the $100,000 residential exemption would be reduced by a minimal, but undeterminable, amount.

This revenue impact is based on the number of prisoners of war and medal of honor recipients currently receiving the personal vehicle property tax exemption. The revenue shift estimate is based on the average owner-occupied home value of $60,000 times the average statewide millage rate of 264 mills for the 230 eligible taxpayers.

Approved By:

Burnet R. Maybank, III

S.C. Department of Revenue

A BILL

TO AMEND SECTION 12-37-220, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO PROPERTY TAX EXEMPTIONS, SO AS TO EXEMPT THE DWELLING HOME AND LOT OF A FORMER PRISONER OF WAR OR MEDAL OF HONOR WINNER AND TO PROVIDE THE CONDITIONS UNDER WHICH THE EXEMPTION CONTINUES FOR A SURVIVING SPOUSE.

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

SECTION 1. Section 12-37-220(B) of the 1976 Code is amended by adding an appropriately numbered item at the end to read:

"( ) The dwelling home and a lot not to exceed one acre of land owned in fee, or for life, or jointly with a spouse by a resident of this State who is a recipient of the Medal of Honor or who was a prisoner of war in World War I, World War II, the Korean Conflict, or the Vietnam Conflict. The exemption is allowed to the surviving spouse under the same terms and conditions as exemption is provided surviving spouses under item (1) of this subsection."

SECTION 2. Upon approval of the Governor, this act is effective for property tax year beginning after 1996.

-----XX-----