SC Needs Cash And Looking Hard at TimesharesThese days if a blogger mentions http://www.fitsnews.com/ , many readers would obviously assume that the post would be about the potential affair between Will Folks and Nikki Haley. Not this time.
Yesterday 'Fits' tapped out a post that deals with the looming 'timeshare' situation that could greatly impact condo owners on the South Carolina coast.
Admittedly, I don't have a master's degree in timeshare tax law but what Bernie Maybank is proposing is sure to have a big impact.
However, I'm very aware that coastal condo owners are hemorrhaging cash. Obviously, owners of second homes and investors are having to bear the brunt of a monthly mortgage payment (or not), but the 800 lb. gorilla in the room is the dreaded Point of Sale (POS) tax.
In South Carolina, the timeshare concept has become a popular tool to relax the aforementioned gorilla. According to Fits's post, Maybank is to recommend that this tool gets thrown in the ocean. At first glance, it seems that if this comes to fruition more owners will throw their keys back to the bank at an alarming rate.
Again, I'm not an expert at this. I simply know that the state needs money and timeshares look to be next on the collection block. We'll see.
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