Reference is to Printer's Date 4/6/11--H.
Amend the bill, as and if amended, by striking all after the enacting words and inserting:
/ SECTION 1. Article 25, Chapter 37, Title 12 of the 1976 Code is amended by adding:
"Section 12-37-3135.
(A) This section may be cited as the
'Real Property Tax Credit Act'.
(B) As used in this
section, 'eligible real property' means a parcel of real
property and improvements thereon if at the time of the most
recent assessable transfer of interest (ATI) of that parcel, the
property's fair market value as determined at the time of the
assessable transfer of interest exceeds its fair market value as
carried on the books of the property tax assessor immediately
before the property tax year in which the higher ATI value first
applies. Eligible real property does not include:
(1)
any parcel of real property which in the hands of the
current owner, receives the special four percent assessment
ratio allowed owner-occupied residential property pursuant to
Section 12-43-220(c); or
(2)
any parcel of real property which undergoes an ATI in a
year in which a property tax assessment, as defined in Section
12-60-30(19) has been issued for that parcel pursuant to a
countywide equalization and assessment program conducted
pursuant to Section 12-43-217 before the date of the ATI.
(C) There is allowed as
a credit against the income tax imposed pursuant to Chapter 6 of
this title, bank tax imposed pursuant to Chapter 11 of Title 12,
the building and loan association tax imposed pursuant to
Chapter 13 of this title, license fees imposed pursuant to
Chapter 20 of this title, and insurance premium taxes imposed
pursuant to Section 38-7-20, or any combination of them, an
amount equal to the increase in property tax, if any, on a
parcel of eligible real property owned by the taxpayer for the
property tax year in which the taxpayer first pays property tax
based on the value determined at the time of an assessable
transfer of interest in which the taxpayer first acquired
interest in the property over the prior year's property tax on
the parcel, adjusted to eliminate any increase resulting from a
millage increase and any increase attributable to improvements
to the property not taxed to the previous owner. If the amount
of the credit for a year exceeds the taxpayer's total liability
for the taxes against which the credit applies for that year,
then the excess credit must be refunded to the taxpayer. The
credit is allowed through the property tax year ending before
the year of implementation of the fair market values determined
in the next countywide equalization and reassessment program
conducted pursuant to Section 12-43-217. For purposes of this
credit, 'next countywide equalization and reassessment program'
means the program resulting in implementation of the value
determined in a property tax assessment issued pursuant to that
program after the most recent ATI of that parcel. No credit is
allowed for any year that the fair market value of the parcel as
carried on the books of the assessor for the year for which
property tax was paid is less than such value as determined at
the time of the last assessable transfer of interest."
SECTION 2. This act takes effect upon approval by the Governor and applies for assessable transfers of interest occurring after 2010. /
Renumber sections to conform.
Amend title to conform.