South Carolina General Assembly
112th Session, 1997-1998

Bill 264


Indicates Matter Stricken
Indicates New Matter


                    Current Status

Bill Number:                       264
Type of Legislation:               General Bill GB
Introducing Body:                  Senate
Introduced Date:                   19970129
Primary Sponsor:                   Lander
All Sponsors:                      Lander, Bryan and Leventis
                                   
Drafted Document Number:           martin\res1234.jal
Residing Body:                     House
Current Committee:                 Ways and Means Committee 30
                                   HWM
Subject:                           Property Tax Relief Fund,
                                   reimbursement from revenues, payment
                                   schedule; Taxation, Property,
                                   Homestead exemption



History


Body    Date      Action Description                       Com     Leg Involved
______  ________  _______________________________________  _______ ____________

House   19970408  Introduced, read first time,             30 HWM
                  referred to Committee
Senate  19970403  Read third time, sent to House
Senate  19970401  Made Special Order
Senate  19970326  Read second time
Senate  19970313  Made Special Order
Senate  19970220  Committee report: Favorable              06 SF
Senate  19970129  Introduced, read first time,             06 SF
                  referred to Committee

View additional legislative information at the LPITS web site.


(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

Indicates Matter Stricken
Indicates New Matter

COMMITTEE REPORT

February 20, 1997

S. 264

Introduced by Senators Lander, Bryan and Leventis

S. Printed 2/20/97--S.

Read the first time January 29, 1997.

THE COMMITTEE ON FINANCE

To whom was referred a Bill (S. 264), to amend Section 12-37-251, as amended, etc., respectfully

REPORT:

That they have duly and carefully considered the same, and recommend that the same do pass:

JOHN DRUMMOND, for Committee.

STATEMENT OF ESTIMATED FISCAL IMPACT

1. Estimated Cost to State-First Year$ - 0 -

2. Estimated Cost to State-Annually Thereafter$ - 0 -

This Bill would have no effect on state or local revenue.

The State Property Tax Relief Fund reimbursements for the 1996 tax year have been in accordance with the proposed legislation.

Approved By:

Burnet R. Maybank, III

S.C. Department of Revenue

A BILL

TO AMEND SECTION 12-37-251, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE PROPERTY TAX RELIEF FUND, BY PROVIDING THAT NINETY PERCENT OF THE REIMBURSEMENT MUST BE PAID WITHIN FIVE WORKING DAYS OF RECEIPT OF THE REQUEST FOR FUNDS FROM THE COUNTY TREASURER .

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

SECTION 1. Section 12-37-251 (A) and (B) of the 1976 Code, as last amended by Section 33, Part II, Act 458, of 1996, is further amended to read:

"Section 12-37-251. (A) The State Property Tax Relief Fund shall must be established at an amount equal to the revenue necessary to fund a property tax exemption of one hundred thousand dollars based on the fair market value of property classified pursuant to Section 12-43-220(c) calculated on the school operating millage imposed for tax year 1995, excluding taxes levied for bonded indebtedness and payments pursuant to lease purchase agreements for capital construction. The 1995 tax year school operating millage is the base year millage for purposes of calculating the amount necessary to fund the State Property Tax Relief Fund in accordance with this section. However, in years in which the values resulting from a county-wide reassessment and equalization program are implemented, the base year millage must be adjusted to an equivalent millage rate in the manner that the Department of Revenue and Taxation shall prescribe prescribes. Funds distributed to a taxing district as provided in Item (B) of this section must be used to provide a uniform property tax exemption for all property in the taxing district which is classified pursuant to Section 12-43-220(c), excluding taxes levied for bonded indebtedness and payments pursuant to lease purchase agreements for capital construction.

(B) School Taxing districts must be reimbursed, in the manner provided in Section 12-37-270, for the revenue lost as a result of the homestead exemption provided in this section except that ninety percent of the reimbursement must be paid in the last quarter of the calendar year within five working days of receipt of the request for funds from the county treasurer.

SECTION 2. This act takes effect upon approval by the Governor.

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