S*881 Session 112 (1997-1998)
S*0881(Rat #0292, Act #0458 of 1998) General Bill, By Peeler
A BILL TO AMEND ACT 588 OF 1994, RELATING TO THE ONE CENT SALES AND USE TAX
IMPOSED FOLLOWING REFERENDUM APPROVAL IN CHEROKEE COUNTY FOR DEBT SERVICE ON
BONDED INDEBTEDNESS OF CHEROKEE COUNTY SCHOOL DISTRICT 1 AND THE PER PUPIL
ALLOCATION FOR CAPITAL PROJECTS TO ANY OTHER SCHOOL DISTRICT IN CHEROKEE
COUNTY, SO AS TO REQUIRE A PRO RATA REFUND OF PROPERTY TAXES FOR BONDED
INDEBTEDNESS FOR SCHOOLS FROM EXCESS SALES AND USE TAX COLLECTED FOR THIS
PURPOSE IN THE FOLLOWING YEAR IN THE FORM OF A CREDIT AGAINST PROPERTY TAX, TO
PROVIDE THE METHOD OF CALCULATING THE CREDIT, TO PROVIDE FOR A DIRECT REFUND
WHEN NO CREDIT CAN BE APPLIED, AND TO PROVIDE A MINIMUM TEN DOLLAR REBATE OR
REFUND.-AMENDED TITLE
12/15/97 Senate Prefiled
12/15/97 Senate Placed on local and uncontested calendar
01/14/98 Senate Introduced and read first time SJ-21
01/14/98 Senate Placed on local and uncontested calendar SJ-21
02/17/98 Senate Amended SJ-84
02/17/98 Senate Read second time SJ-84
02/17/98 Senate Unanimous consent for third reading on next
legislative day SJ-84
02/18/98 Senate Read third time and sent to House SJ-10
02/18/98 House Introduced, read first time, placed on calendar
without reference HJ-15
02/19/98 House Read second time HJ-11
02/19/98 House Unanimous consent for third reading on next
legislative day HJ-12
02/20/98 House Read third time and enrolled HJ-3
04/01/98 Ratified R 292
04/07/98 Signed By Governor
04/07/98 Effective date 04/07/98
04/28/98 Copies available
09/14/98 Act No. 458
(A458, R292, S881)
AN ACT TO AMEND ACT 588 OF 1994, RELATING TO THE
ONE CENT SALES AND USE TAX IMPOSED FOLLOWING
REFERENDUM APPROVAL IN CHEROKEE COUNTY FOR DEBT
SERVICE ON BONDED INDEBTEDNESS OF CHEROKEE COUNTY
SCHOOL DISTRICT 1 AND THE PER PUPIL ALLOCATION FOR
CAPITAL PROJECTS TO ANY OTHER SCHOOL DISTRICT IN
CHEROKEE COUNTY, SO AS TO REQUIRE A PRO RATA REFUND
OF PROPERTY TAXES FOR BONDED INDEBTEDNESS FOR
SCHOOLS FROM EXCESS SALES AND USE TAX COLLECTED
FOR THIS PURPOSE IN THE FOLLOWING YEAR IN THE FORM OF
A CREDIT AGAINST PROPERTY TAX, TO PROVIDE THE
METHOD OF CALCULATING THE CREDIT, TO PROVIDE FOR A
DIRECT REFUND WHEN NO CREDIT CAN BE APPLIED, AND TO
PROVIDE A MINIMUM TEN-DOLLAR REBATE OR REFUND.
Be it enacted by the General Assembly of the State of South Carolina:
Rebate
SECTION 1. Section 6(B) of Act 588 of 1994 is amended to read:
"(B) The Cherokee County Treasurer holding taxes collected
pursuant to this act must certify to the auditor of the county on July
fifteenth of each calendar year as to the amount of taxes held by that
county treasurer as of June thirtieth of the calendar year. The Cherokee
County Auditor shall reduce the next levy of ad valorem property taxes
required to pay debt service on bonds to which the tax is applicable by the
amount of tax revenues certified as collected as of June thirtieth by the
county treasurer. Taxes collected as of June thirtieth of a calendar year
in excess of the amounts required to pay debt service due in the eighteen
months following June thirtieth on bonds to which the tax is applicable
must be applied to reduce the next levy of ad valorem property taxes
required for payment of operational and maintenance expenses of
Cherokee County School District 1. If the amounts certified collected as
of June thirtieth exceed the amount required for debt service following a
year in which the amount certified as collected was insufficient to
eliminate the levy, then the excess in the current year must be rebated pro
rata to property taxpayers who paid the levy in the prior year in the form
of a credit against the taxpayer's current property taxes as they become
due and payable. When such a credit cannot be applied, and upon
application of the taxpayer, the rebate must be refunded directly to the
taxpayer. The pro rata rebate percentage must be determined by dividing
the excess amount by the total assessed value of the property taxed. The
credit is then determined by multiplying the property owner's assessed
value by the pro rata rebate percentage. No credit or refund is allowed for
amounts less than ten dollars."
Time effective
SECTION 2. This act takes effect upon approval by the
Governor.
Approved the 7th day of April, 1998.
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