Current Status Bill Number:4872 Type of Legislation:General Bill GB Introducing Body:House Introduced Date:19980324 Primary Sponsor:Cobb-Hunter All Sponsors:Cobb-Hunter, McGee, Inabinett, Lloyd, J. Hines, Breeland, Gourdine, Canty, Clyburn, Byrd, McKay, Rhoad, Cave, Stuart and Jennings Drafted Document Number:PSD\7305MM.98 Residing Body:House Current Committee:Ways and Means Committee 30 HWM Subject:Property Tax Relief Fund, school district reimbursements when insufficient for base year operating millage
Body Date Action Description Com Leg Involved ______ ________ _______________________________________ _______ ____________ House 19980324 Introduced, read first time, 30 HWM referred to CommitteeView additional legislative information at the LPITS web site.
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 TAXING DISTRICTS MUST BE REIMBURSED ON A PER CAPITA BASIS FROM REVENUES CREDITED TO THE STATE PROPERTY TAX RELIEF FUND, AND TO PROVIDE THAT IF THE AMOUNT REIMBURSED TO A SCHOOL DISTRICT IS INSUFFICIENT TO REIMBURSE FULLY FOR THE BASE YEAR OPERATING MILLAGE, THE SCHOOL BOARD SHALL CALCULATE A SCHOOL OPERATING MILLAGE SUFFICIENT TO MAKE UP THE SHORTFALL.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 12-37-251(B) of the 1976 Code, as last amended by Act 155 of 1997, is further amended to read:
"(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 on a per capita basis from revenues credited to the State Property Tax Relief Fund. Ninety percent of the reimbursement must be paid in the last quarter of the calendar year on December first. If amounts received by a school district pursuant to this distribution are insufficient to reimburse fully for the base year operating millage, the local school board, within its authority, shall decide how to make up the shortfall, if necessary. Amounts received by a district in excess of the amount necessary to reimburse the district for the base year operating millage may be retained by the district."
SECTION 2. Upon approval by the Governor, this act is effective for tax years beginning after 1998.