Senator Johnson proposes the following amendment (LC-768.DG0009S):

Amend the bill, as and if amended, by adding appropriately numbered SECTIONS to read:

SECTION X.A. Section 12-37-220(B) of the S.C. Code is amended by adding:

 (54)(a) 33.33 percent of the property tax value of property assessed pursuant to Section 12-43-220(e).
   (b)(i) The revenue loss resulting from the exemption allowed by this item must be reimbursed and allocated to the political subdivisions of this State, including school districts, in the same manner as the Trust Fund for Tax Relief. In calculating estimated state individual and corporate income tax revenues for a fiscal year, the Board of Economic Advisors shall deduct amounts sufficient to account for the reimbursement required by this item.
    (ii) Notwithstanding subitem (b)(i), beginning in property tax year 2030, the reimbursement rate shall decrease by ten permanent and cumulative percentage points each property tax year, calculated from the initial reimbursement rate of one hundred percent, until the reimbursement rate equals fifty percent.
   (c) Notwithstanding any other provision of law, property exempted from property taxes in the manner provided in this item is considered taxable property for purposes of bonded indebtedness pursuant to Section 15, Article X of the Constitution of this State.

B. Notwithstanding the exemption amount allowed pursuant to item (54) added pursuant to subsection A of this SECTION, the percentage exemption amount is phased-in in four equal and cumulative percentage installments, applicable for property tax years beginning after 2025.

Renumber sections to conform.

Amend title to conform.