South Carolina General Assembly
116th Session, 2005-2006

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Bill 1136

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Indicates Matter Stricken

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INTRODUCED

February 8, 2006

S. 1136

Introduced by Senators Knotts, Cromer, Setzler and Courson

L. Printed 2/8/06--S.    [SEC 2/9/06 4:01 PM]

Read the first time February 8, 2006.

            

A BILL

TO AMEND ACT 378 OF 2004, THE LEXINGTON COUNTY SCHOOL DISTRICT PROPERTY RELIEF ACT, SO AS TO PROVIDE THAT THE REVENUES ALLOTTED TO A SCHOOL DISTRICT BE USED TO PROVIDE A NONREFUNDABLE CREDIT AGAINST THE SCHOOL PROPERTY TAX LIABILITY ON PROPERTY TAXABLE IN THE DISTRICT AND THAT THE LIABILITY BE DETERMINED BY USING THE APPRAISED VALUE OF THE TAXABLE PROPERTY BEFORE THE HOMESTEAD EXEMPTION IN SECTION 12-37-250.

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

SECTION    1.    SECTION 7(C)(1) of Act 378 of 2004 is amended to read:

"(1)    The revenues allotted to a district must be used to provide a nonrefundable credit against the school property tax liability on property taxable in the district in an amount determined by multiplying the appraised value of the taxable property, before the exemption provided in Section 12-37-250, by a fraction in which the numerator is the total estimated revenue allotted to the district during the applicable fiscal year of the district and the denominator is the total of the appraised value of taxable property, including the value exempted in Section 12-37-250, in the district as of January first of the applicable property tax year. For motor vehicles subject to the payment of property taxes pursuant to Article 21, Chapter 37 of Title 12 of the 1976 Code, the credit provided under this subsection applies against the tax liability for motor vehicle tax years beginning after December of the year in which the credit is calculated. The credit applies first against the liability arising from millage imposed for debt service for schools, then against any liability arising from other methods of financing school capital projects, then against school building lease-purchase obligations, and finally against any liability arising from school operations."

SECTION    2.    This act takes effect upon approval by the Governor and applies to real property tax years beginning January 1, 2006, and later.

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