Download This Bill in Microsoft Word format

Bill 541

                    Current Status

Bill Number:                      541
Type of Legislation:              General Bill GB
Introducing Body:                 Senate
Introduced Date:                  19990302
Primary Sponsor:                  Courson
All Sponsors:                     Courson, Wilson, Peeler, McConnell, 
                                  Martin, Alexander, Gregory, Waldrep, Hayes, 
                                  Fair, Grooms, Giese, Courtney, Leatherman, 
                                  Ravenel, Thomas, Branton, Ryberg, Russell, 
                                  Mescher, Cork, Ford, O'Dell, Moore, Setzler, 
                                  Rankin, McGill
Drafted Document Number:          l:\council\bills\dka\3246mm99.doc
Residing Body:                    Senate
Current Committee:                Finance Committee 06 SF
Subject:                          Property tax on personal motor vehicles, 
                                  Trust Fund for Tax Relief, Taxation, 
                                  assessments, exemptions, revenues


                        History

Body    Date      Action Description                     Com     Leg Involved
______  ________  ______________________________________ _______ ____________
Senate  19990303  Co-Sponsor added by Senator                    McGill
Senate  19990302  Introduced, read first time,           06 SF
                  referred to Committee


                             Versions of This Bill

TO AMEND SECTION 12-37-220, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO EXEMPTIONS FROM PROPERTY TAX, SO AS TO EXEMPT FROM PROPERTY TAX FIFTY PERCENT OF THE FAIR MARKET VALUE OF PRIVATE PASSENGER MOTOR VEHICLES, INCLUDING TRUCKS WITH A GROSS WEIGHT OF NOT MORE THAN EIGHT THOUSAND POUNDS AND AN EMPTY WEIGHT OF NOT MORE THAN FIVE THOUSAND POUNDS, AND MOTORCYCLES; TO PHASE IN THE EXEMPTION OVER FIVE MOTOR VEHICLE TAX YEARS AT THE RATE OF TEN PERCENT A YEAR; TO PROVIDE FOR PROPERTY TAXING ENTITIES TO BE REIMBURSED FOR THE TAXES NOT COLLECTED BECAUSE OF THE EXEMPTION IN AN AMOUNT COMPUTED AT A STATEWIDE AVERAGE MILLAGE RATE, APPLIED ON A PER REGISTERED VEHICLE BASIS, AND CREDITED TO THE TRUST FUND FOR TAX RELIEF AND TO CAP THIS REIMBURSEMENT AT THE AMOUNT SO REIMBURSED IN FISCAL YEAR 2002-03, AND TO PROVIDE THAT THIS EXEMPT VALUE IS NEVERTHELESS CONSIDERED TAXABLE FOR PURPOSES OF BONDED INDEBTEDNESS AND CALCULATING THE INDEX OF TAXPAYING ABILITY AT AMOUNTS NOT TO EXCEED ITS VALUE IN PROPERTY TAX YEAR 2002; AND TO AMEND SECTION 11-11-150, RELATING TO ESTIMATED INCOME TAX REVENUES, SO AS TO PROVIDE FOR DEDUCTIONS FROM THE ESTIMATE OF THE REIMBURSEMENT AMOUNT FOR EXEMPTED PERSONAL PROPERTY TAXES.

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

SECTION 1. Section 12-37-220(B) of the 1976 Code, as last amended by Act 149 of 1997, is further amended by adding an appropriately numbered item at the end to read:

"( )(a) An amount as determined under subitem (b) below of the fair market value of a private passenger motor vehicle as defined in Section 56-3-630 and of the fair market value of a motorcycle according to the following schedule:

Motor Vehicle Tax Year Percentage of Fair Market

Beginning After June 30 Value

1999 ten

2000 twenty

2001 thirty

2002 forty

2003 fifty

(b) A property taxing entity must be reimbursed for taxes not collected through June 30, 2003, because of the exemption allowed by this item. Annually, as provided in Section 11-11-150, there is credited to the Trust Fund for Tax Relief an amount sufficient to reimburse all local taxing entities the amount of revenue not collected as a result of this exemption. The reimbursement allocation for each property taxing entity must be computed based on an average statewide millage rate as determined by the Board of Economic Advisors, with application of the exemption percentage to each vehicle registered in the State at the average statewide millage. The auditor of each property taxing entity shall apply its allocation so determined to an exemption at the appropriate percentage for each car registered in that property taxing entity. The reimbursement must be paid not less than monthly, in advance, and in a manner that substantially matches the stream of revenue that would be generated if the exempt portion of the property's value were fully taxable. After June 30, 2003, the reimbursement is fixed permanently at the amount reimbursed in fiscal year 2002-03.

(c) Property value exempted from property taxation by this item is considered taxable at no more than the amount applicable for property tax year 2002 for purposes of bonded indebtedness pursuant to Sections 14 and 15, Article X of the Constitution of this State and for purposes of computing the index of taxpaying ability pursuant to Section 59-20-20(3).

(d) The exemption allowed by this item does not reduce the minimum assessments provided pursuant to Section 12-37-2640."

SECTION 2. Section 11-11-150(A) of the 1976 Code, as added by Act 419 of 1998, is amended by adding an appropriately numbered item at the end to read:

"( ) Section 12-37-220(B)( ) for the motor vehicle property tax exemption."

SECTION 3. This act takes effect July 1, 1999, and applies with respect to motor vehicle tax years beginning after June 30, 1999.

This web page was last updated on Wednesday, December 9, 2009 at 9:06 A.M.