South Carolina General Assembly
110th Session, 1993-1994

Bill 368

                    Current Status
Introducing Body:               Senate
Bill Number:                    368
Ratification Number:            188
Act Number:                     137
Primary Sponsor:                Drummond
Type of Legislation:            GB
Subject:                        Business inventory tax
                                exemption
Date Bill Passed both Bodies:   19930602
Computer Document Number:       JIC/5263HC.93
Governor's Action:              S
Date of Governor's Action:      19930614
Introduced Date:                19930204
Last History Body:              ------
Last History Date:              19930614
Last History Type:              Act No. 137
Scope of Legislation:           Statewide
All Sponsors:                   Drummond
Type of Legislation:            General Bill
History

Bill   Body    Date          Action Description              CMN  Leg Involved
----   ------  ------------  ------------------------------  ---  ------------
368    ------  19930614      Act No. 137
368    ------  19930614      Signed by Governor
368    ------  19930610      Ratified R 188
368    House   19930602      Read third time, enrolled for
                             ratification
368    House   19930601      Read second time
368    House   19930526      Recalled from Committee         30
368    House   19930225      Introduced, read first time,    30
                             referred to Committee
368    Senate  19930224      Read third time, sent to House
368    Senate  19930223      Read second time
368    Senate  19930217      Committee Report: Favorable     06
368    Senate  19930204      Introduced, read first time,    06
                             referred to Committee
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(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

(A137, R188, S368)

AN ACT TO AMEND SECTION 12-37-450, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE REIMBURSEMENT TO COUNTIES AND MUNICIPALITIES FOR REVENUE LOST FROM THE BUSINESS INVENTORY PROPERTY TAX EXEMPTION, SO AS TO PROVIDE THAT REIMBURSEMENT AMOUNTS TO A POLITICAL SUBDIVISION WITHIN A COUNTY ATTRIBUTABLE TO A SEPARATE MILLAGE FOR DEBT SERVICE MUST BE REDISTRIBUTED PROPORTIONATELY TO OTHER 1987 TAX YEAR MILLAGES LEVIED BY THE POLITICAL SUBDIVISION WHEN THE DEBT IS REPAID.

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

Redistribution of reimbursement of loss-business inventory revenue

SECTION 1. Section 12-37-450(B) of the 1976 Code is amended to read:

"(B) Counties and municipalities must be reimbursed for the revenue lost as a result of the business inventory tax exemption based on the 1987 tax year millage and 1987 tax year assessed value of inventories in the counties and municipalities. If an amount of reimbursement to a political subdivision within a county is attributable to a separate millage for debt service for any purpose, when that debt is paid, the appropriate reimbursement amount must be redistributed proportionately to the other separate millages levied by the political subdivision within the county for the 1987 tax year."

Time effective

SECTION 2. This act takes effect July 1, 1993.

Approved the 14th day of June, 1993.