Bill > H4477

This bill amends the South Carolina tax code to provide relief for families dealing with "heirs' property," which is land inherited through informal means without a clear title or will, often affecting generational properties in African American and rural communities. Specifically, the bill modifies Section 12-37-3150 to exclude certain property transfers from being considered a taxable transfer of interest. Under the new provision, transfers made among family members (described as "related descendants") who already have a legal claim to the property and are working to clear the property's title will not trigger a reassessment or additional tax liability. These transfers must involve both the grantor and grantee having previously owned an interest in the property. The bill will take effect upon the Governor's approval and will apply to property tax years beginning after 2024, providing a mechanism for families to resolve complex ownership issues without incurring additional tax penalties.

Budget and Finance

https://www.scstatehouse.gov/billsearch.php?billnumbers=4477&session=126&summary=B