Bill Text: SC H3902 | 2011-2012 | 119th General Assembly | Introduced
Bill Title: Income tax credit, closing costs
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2011-03-09 - Referred to Committee on Ways and Means [H3902 Detail]
Download: South_Carolina-2011-H3902-Introduced.html
A BILL
TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 12-6-3685 SO AS TO PROVIDE FOR A CREDIT AGAINST THE STATE INCOME TAX UP TO TWO THOUSAND DOLLARS FOR CLOSING COSTS INCURRED IN CONNECTION WITH A PURCHASE MONEY RESIDENTIAL OR COMMERCIAL MORTGAGE OR THE REFINANCING OF A RESIDENTIAL OR COMMERCIAL MORTGAGE, AND TO DEFINE "CLOSING COSTS".
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Article 25, Chapter 6, Title 12 of the 1976 Code is amended by adding:
"Section 12-6-3685. A taxpayer is allowed a credit against the state income tax imposed pursuant to this chapter for costs incurred, up to two thousand dollars annually, in connection with the closing of a residential or commercial real estate purchase money mortgage or refinancing of a residential or commercial real estate loan. 'Closing costs' for purposes of claiming this credit are as defined in Section 37-3-202(d) and apply to both residential and commercial transactions."
SECTION 2. This act takes effect upon approval by the Governor and applies to taxable years beginning after 2010.
