Current Status Introducing Body:House Bill Number:4466 Primary Sponsor:Rama Committee Number:30 Type of Legislation:GB Subject:Property tax credit, appraised property Residing Body:House Current Committee:Ways and Means Computer Document Number:BR1/2168.AC Introduced Date:Feb 26, 1992 Last History Body:House Last History Date:Feb 26, 1992 Last History Type:Introduced, read first time, referred to Committee Scope of Legislation:Statewide All Sponsors:Rama Fulmer Hallman R. Young Jaskwhich Whipper D. Martin Inabinett Type of Legislation:General Bill
Bill Body Date Action Description CMN
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4466 House Feb 26, 1992 Introduced, read first time, 30
referred to Committee
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TO AMEND SECTION 4-10-40, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE PROPERTY TAX CREDIT IN COUNTIES IMPOSING THE LOCAL OPTION SALES TAX, SO AS TO PROVIDE THAT THE FORMULA USED TO DETERMINE THE CREDIT MUST BE BASED ON ASSESSED PROPERTY RATHER THAN APPRAISED PROPERTY.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 4-10-40(B) of the 1976 Code, as last amended by Act 109 of 1991, is further amended to read:
"(B) All of the revenue received by a county and municipality from the Property Tax Credit Fund must be used to provide a credit against the property tax liability of taxpayers in the county and municipality in an amount determined by multiplying the appraised assessed value of the taxpayer's taxable property by a fraction in which the numerator is the total estimated revenue received by the county or municipality from the Property Tax Credit Fund during the applicable fiscal year of the political subdivision and the denominator is the total of the appraised assessed value of taxable property in the county or municipality as of January first of the applicable taxable year."
SECTION 2. This act takes effect for tax years beginning after 1992.