View Amendment Current Amendment: 2 to Bill 1087

Rep. Simrill proposes the following Amendment No. to S. 1087 (COUNCIL\DG\1087C004.NBD.DG22):

Reference is to Printer's Date 5/5/22-H.

Amend the bill, as and if amended, by adding appropriately numbered SECTIONS to read:

/ SECTION ___.A. Section 12-37-220(52) of the 1976 Code, as last amended by Act 39 of 2021, is further amended to read:

"(52)(a)( i) 14.2857 percent of the property tax value of manufacturing property assessed for property tax purposes pursuant to Section 12-43-220(a)(1). The exemption allowed by this item does not apply to property owned or leased by a public utility, as defined in Section 58-3-5, that is regulated by the Public Service Commission, regardless of whether the property is used for manufacturing. For purposes of this item, if the exemption is applied to real property, then it must be applied to the property tax value as it may be adjusted downward to reflect the limit imposed pursuant to Section 6, Article X of the South Carolina Constitution, 1895;

(ii) To the extent any such monies are refunded or otherwise credited under this item to a public utility that is regulated by the Public Service Commission, regardless of whether the property is used for manufacturing, any such refund or credits must be flowed through to customers as a reduction in rates, as appropriate.

(b) The revenue loss resulting from the exemption allowed by this item must be reimbursed and allocated to the political subdivisions of this State, including school districts, in the same manner as the Trust Fund for Tax Relief, not to exceed eighty-five one hundred seventy million dollars per year. In calculating estimated state individual and corporate income tax revenues for a fiscal year, the Board of Economic Advisors shall deduct amounts sufficient to account for the reimbursement required by this item.

(c) Notwithstanding the exemption allowed by this item, in any year in which reimbursements are projected by the Revenue and Fiscal Affairs Office to exceed the reimbursement cap in subitem (b), the exemption amount shall be proportionally reduced so as not to exceed the reimbursement cap.

(d) N otwithstanding any other provision of law, property exempted from property taxes in the manner provided in this item is considered taxable property for purposes of bonded indebtedness pursuant to Section 15, Article X of the Constitution of this State."

B. This SECTION takes effect upon approval by the Governor and applies to property tax years after 2021.

SECTION___ .(A) From the Contingency Reserve Fund, there is appropriated one dollar to the Taxpayer Rebate Fund which is created in the State Treasury. The fund is separate and distinct from the general fund and all other funds of the State.

(B) The fund must be used by the Department of Revenue to provide a one-time rebate for individual income taxpayers that filed a return for tax year 2021. Each return filed for 2021 shall receive a rebate equal to the amount of tax liability on the return, except that:

(1) if a return has one dollar or less of liability, the rebate shall equal one dollar, and

(2) if a return has one dollar or more of liability, the rebate shall equal one dollar.

The department must issue these refunds by December 31, 2022.

(C) The department may retain funds sufficient to administer the rebate, but not to exceed their actual costs.

(D) Any funds remaining in the fund after every rebate has been accounted for shall lapse to the Contingency Reserve Fund, at which time the fund is dissolved.

(e) Rebates in the amount of one dollar shall not be disbursed. /