South Carolina General Assembly
116th Session, 2005-2006

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S. 1330

STATUS INFORMATION

General Bill
Sponsors: Senator Grooms
Document Path: l:\council\bills\bbm\9348htc06.doc

Introduced in the Senate on April 11, 2006
Currently residing in the Senate Committee on Finance

Summary: Owner-occupied residence

HISTORY OF LEGISLATIVE ACTIONS

     Date      Body   Action Description with journal page number
-------------------------------------------------------------------------------
   4/11/2006  Senate  Introduced and read first time SJ-5
   4/11/2006  Senate  Referred to Committee on Finance SJ-5

View the latest legislative information at the LPITS web site

VERSIONS OF THIS BILL

4/11/2006

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

A BILL

TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 12-6-3337 SO AS TO ALLOW A REFUNDABLE STATE INDIVIDUAL INCOME TAX CREDIT EQUAL TO THE AMOUNT BY WHICH PROPERTY TAX PAID ON THE TAXPAYER'S OWNER-OCCUPIED RESIDENCE IN A TAXABLE YEAR EXCEEDS TWO PERCENT OF THE TAXPAYER'S GROSS HOUSEHOLD INCOME, TO DEFINE GROSS HOUSEHOLD INCOME, AND TO PROVIDE FOR A SEPARATE ABBREVIATED CLAIM FORM FOR A TAXPAYER NOT REQUIRED TO FILE A FEDERAL AND STATE INDIVIDUAL INCOME TAX RETURN.

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

SECTION    1.    Article 25, Chapter 6 of the 1976 Code is amended by adding:

"Section 12-6-    3337.    (A)    As used in this section:

(1)    'Gross household income' means all income, for all individuals residing within the household, from whatever source derived in a taxable year including, but not limited to:

(a)    compensation for services including fees, commissions, and similar items;

(b)    gross income derived from dealings in property;

(c)    gains derived from dealings in property;

(d)    interest;

(e)    rents;

(f)    royalties;

(g)    dividends;

(h)    alimony;

(i)        income from life insurance and endowment contracts;

(j)        annuities;

(k)    pensions;

(l)        income from discharge of indebtedness;

(m)    distributive share of partnership gross income;

(n)    income from an interest in an estate or trust; and

(o)    federal old age, survivor, or disability benefits.

(2)    'Household' means an individual or group of individuals living together in a room or group of rooms as a housing unit.

(B)    There is allowed as a credit against the tax imposed pursuant to Section 12-6-510 on a resident individual taxpayer a sum equal to the amount by which property tax paid during the taxable year by the taxpayer on the taxpayer's residence exceeds two percent of the taxpayer's gross household income. The residence on which the property tax was paid must be classified for property tax purposes pursuant to Section 12-43-220(c) because of the taxpayer's occupancy of the residence. After all other applicable credits have been applied, if the credit allowed pursuant to this section exceeds the tax liability reported on the return, the difference must be refunded to the taxpayer.

(C)    A copy of the treasurer's receipt for the property tax paid must accompany the claim for the credit allowed pursuant to this section, together with other information the department may require for the proper administration of this credit.

(D)    If a resident individual taxpayer is not required to file a federal and South Carolina individual income tax return, the department shall prescribe a separate abbreviated form to be used by the taxpayer to claim the credit allowed by this section, and this separate form is considered a state individual income tax return for all purposes.

(E)    Regardless of the amount of property taxes paid or number of residences occupied by a taxpayer during the applicable taxable year, the credit allowed pursuant to this section only extends to property taxes paid on one residence."

SECTION    2.    This act takes effect upon approval by the Governor and applies for taxable years beginning 2005.

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