Current Status Bill Number:4901 Type of Legislation:General Bill GB Introducing Body:House Introduced Date:19960410 Primary Sponsor:Waldrop All Sponsors:Waldrop and Wilder Drafted Document Number:bbm\10760htc.96 Residing Body:House Current Committee:Ways and Means Committee 30 HWM Subject:Homestead exemption from property taxes levied for schools
Body Date Action Description Com Leg Involved
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House 19960410 Introduced, read first time, 30 HWM
referred to Committee
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TO AMEND SECTION 12-37-251, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE HOMESTEAD EXEMPTION FROM PROPERTY TAXES LEVIED FOR SCHOOL OPERATIONS, SO AS TO REQUIRE NINETY PERCENT OF THE REIMBURSEMENT OWED SCHOOL DISTRICTS TO BE PAID NO LATER THAN OCTOBER FIFTEENTH WITH THE BALANCE PAID NO LATER THAN THE SUCCEEDING MARCH FIRST.
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 added by Act 145 of 1995, is amended to read:
"(B) Taxing entities 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 no later than October fifteenth and the balance paid no later than the succeeding March first."
SECTION 2. This act takes effect upon approval by the Governor.