S*0881(Rat #0292, Act #0458 of 1998)  General Bill, By Peeler
 A BILL TO AMEND ACT 588 OF 1994, RELATING TO THE ONE CENT SALES AND USE TAX
 IMPOSED FOLLOWING REFERENDUM APPROVAL IN CHEROKEE COUNTY FOR DEBT SERVICE ON
 BONDED INDEBTEDNESS OF CHEROKEE COUNTY SCHOOL DISTRICT 1 AND THE PER PUPIL
 ALLOCATION FOR CAPITAL PROJECTS TO ANY OTHER SCHOOL DISTRICT IN CHEROKEE
 COUNTY, SO AS TO REQUIRE A PRO RATA REFUND OF PROPERTY TAXES FOR BONDED
 INDEBTEDNESS FOR SCHOOLS FROM EXCESS SALES AND USE TAX COLLECTED FOR THIS
 PURPOSE IN THE FOLLOWING YEAR IN THE FORM OF A CREDIT AGAINST PROPERTY TAX, TO
 PROVIDE THE METHOD OF CALCULATING THE CREDIT, TO PROVIDE FOR A DIRECT REFUND
 WHEN NO CREDIT CAN BE APPLIED, AND TO PROVIDE A MINIMUM TEN DOLLAR REBATE OR
 REFUND.-AMENDED TITLE

   12/15/97  Senate Prefiled
   12/15/97  Senate  Placed on local and uncontested calendar
   01/14/98  Senate Introduced and read first time SJ-21
   01/14/98  Senate  Placed on local and uncontested calendar SJ-21
   02/17/98  Senate Amended SJ-84
   02/17/98  Senate Read second time SJ-84
   02/17/98  Senate Unanimous consent for third reading on next
                     legislative day SJ-84
   02/18/98  Senate Read third time and sent to House SJ-10
   02/18/98  House  Introduced, read first time, placed on calendar
                     without reference HJ-15
   02/19/98  House  Read second time HJ-11
   02/19/98  House  Unanimous consent for third reading on next
                     legislative day HJ-12
   02/20/98  House  Read third time and enrolled HJ-3
   04/01/98         Ratified R 292
   04/07/98         Signed By Governor
   04/07/98         Effective date 04/07/98
   04/28/98         Copies available
   09/14/98         Act No. 458

AN ACT TO AMEND ACT 588 OF 1994, RELATING TO THE ONE CENT SALES AND USE TAX IMPOSED FOLLOWING REFERENDUM APPROVAL IN CHEROKEE COUNTY FOR DEBT SERVICE ON BONDED INDEBTEDNESS OF CHEROKEE COUNTY SCHOOL DISTRICT 1 AND THE PER PUPIL ALLOCATION FOR CAPITAL PROJECTS TO ANY OTHER SCHOOL DISTRICT IN CHEROKEE COUNTY, SO AS TO REQUIRE A PRO RATA REFUND OF PROPERTY TAXES FOR BONDED INDEBTEDNESS FOR SCHOOLS FROM EXCESS SALES AND USE TAX COLLECTED FOR THIS PURPOSE IN THE FOLLOWING YEAR IN THE FORM OF A CREDIT AGAINST PROPERTY TAX, TO PROVIDE THE METHOD OF CALCULATING THE CREDIT, TO PROVIDE FOR A DIRECT REFUND WHEN NO CREDIT CAN BE APPLIED, AND TO PROVIDE A MINIMUM TEN-DOLLAR REBATE OR REFUND.

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

Rebate

SECTION 1. Section 6(B) of Act 588 of 1994 is amended to read:

"(B) The Cherokee County Treasurer holding taxes collected pursuant to this act must certify to the auditor of the county on July fifteenth of each calendar year as to the amount of taxes held by that county treasurer as of June thirtieth of the calendar year. The Cherokee County Auditor shall reduce the next levy of ad valorem property taxes required to pay debt service on bonds to which the tax is applicable by the amount of tax revenues certified as collected as of June thirtieth by the county treasurer. Taxes collected as of June thirtieth of a calendar year in excess of the amounts required to pay debt service due in the eighteen months following June thirtieth on bonds to which the tax is applicable must be applied to reduce the next levy of ad valorem property taxes required for payment of operational and maintenance expenses of Cherokee County School District 1. If the amounts certified collected as of June thirtieth exceed the amount required for debt service following a year in which the amount certified as collected was insufficient to eliminate the levy, then the excess in the current year must be rebated pro rata to property taxpayers who paid the levy in the prior year in the form of a credit against the taxpayer's current property taxes as they become due and payable. When such a credit cannot be applied, and upon application of the taxpayer, the rebate must be refunded directly to the taxpayer. The pro rata rebate percentage must be determined by dividing the excess amount by the total assessed value of the property taxed. The credit is then determined by multiplying the property owner's assessed value by the pro rata rebate percentage. No credit or refund is allowed for amounts less than ten dollars."

Time effective

SECTION 2. This act takes effect upon approval by the Governor.

Approved the 7th day of April, 1998.