The Committee on Ways and Means proposes the following Amendment No. 1 to H. 4064 (COUNCIL\DG\4064C001.NBD.DG21):

Reference is to the bill as introduced.

Amend the bill, as and if amended, by striking SECTION 1 and inserting:

/ SECTION1. Section 12-37-220(B)(52)(a) of the 1976 Code is amended to read:

"(a) (i)14.2857 percent of the property tax value of manufacturing property assessed for property tax purposes pursuant to Section 12-43-220(a)(1). The exemption allowed by this item does not apply to property owned or leased by a public utility, as defined in Section 58-3-5, that is regulated by the Public Service Commission, regardless of whether the property is used for manufacturing. For purposes of this item, if the exemption is applied to real property, then it must be applied to the property tax value as it may be adjusted downward to reflect the limit imposed pursuant to Section 6, Article X of the South Carolina Constitution, 1895;

(ii) To the extent any such monies are refunded or otherwise credited under this item to a public utility that is regulated by the Public Service Commission, regardless of whether the property is used for manufacturing, any such refund or credits must be flowed through to customers as a reduction in rates, as appropriate." /