H 2385 General Bill, By R.N. McLellan, W.S. Anderson, V.L. Crocker, 
C.M. Dangerfield, Elliott, S.R. Foster, L.E. Gentry, F. Gilbert, H.C. Granger, 
B.L. Hendricks, B.E. Huff, H.H. Keyserling, Matthews, J. Murray, L. Phillips, 
A.V. Rawl, J.I. Rogers, J.J. Snow, E.C. Stoddard, Washington and J.M. White
 A Bill to amend Sections 12-7-210, 12-7-220, 12-7-310, Code of Laws of South
 Carolina, 1976, relating to the income tax, so as to eliminate the two percent
 bracket and add an eight and nine percent bracket, to increase the income
 levels below which single and married taxpayers over age sixty-five are exempt
 from the income tax, to increase the personal exemption of taxpayers over age
 sixty-five and to increase the additional personal exemption allowed taxpayers
 over age sixty-five; to amend the 1976 Code by adding Section 12-7-715 to
 allow an optional standard deduction for taxpayers over age sixty-five; to
 amend Sections 12-35-510, 12-35-610, 12-35-810, 12-35-1120, as amended, and
 12-35-1550, relating to the sales, use, and accommodations tax and the
 disposition of such taxes, so as to increase the sales tax from four to five
 percent, to provide for the amounts that may be added to the sale price
 because of the tax, to increase the use tax from four to five percent, to
 increase the tax on accommodations from four to five percent and maintain the
 existing distribution for eighty percent of the revenue derived from the
 sales, use, and accommodations tax; to amend the 1976 Code by adding Section
 12-35-1555 so as to provide that twenty percent of the revenue derived from
 the sales, use, and accommodations tax is credited to the General Fund of the
 State in the fiscal year ending June 30, 1983, to provide that the additional
 revenue is credited to the Reserve Fund from July 1, 1983, until October 31,
 1983, and thereafter to be distributed one-third to the General Fund of the
 State and two-thirds to the Local Government Tax Relief Fund (Fund); to amend
 the 1976 Code by adding Section 12-37-291 so as to provide for an exemption of
 fifty percent of the fair market value of owner-occupied residential property
 qualifying for the four percent assessment ratio, not to exceed ten thousand
 dollars, to provide that this exemption is cumulative and in addition to any
 other homestead exemption, to provide that this exemption must be taken first,
 to provide that the State reimburse counties and local taxing entities for
 one-half of the taxes lost from the exemption, to provide that property
 qualifying for this exemption is considered taxable for purposes of bonded
 indebtedness under Sections 14 and 15 of Article X of the State Constitution
 and for purposes of computing the "Index of Taxpaying Ability" under the South
 Carolina Education Finance Act of 1977; to amend the 1976 Code by adding
 Section 12-43-291 so as to require counties and municipalities receiving
 proceeds from the Local Government Tax Relief Fund to rollback ad valorem
 taxes in an amount not less than seventy-five percent of the proceeds received
 and provide that school districts rollback ad valorem taxes in an amount not
 less than fifty percent of the proceeds received, to provide for the rollbacks
 beginning in tax year 1983 and continuing through tax year 1988, to require
 the Tax Commission to provide an estimate of the amount to be received from
 the Fund by taxing entities, to provide that the House Ways and Means
 Committee and the Senate Finance Committee shall assess the rollback
 requirements and make a report to the General Assembly by April 30, 1988, to
 require school districts receiving proceeds from the Fund to expend at least
 sixty percent of the proceeds for compensatory education of children in grades
 one through six, and at least ten percent for programs for four-year-olds from
 lower socio-economic backgrounds or other handicapping conditions, to permit
 school districts to expend up to ten percent of fund proceeds for summer
 institutes or loans to teachers and students to improve competence in math,
 science, and computer science, and to permit loans for persons with math,
 science, or engineering degrees to meet certification and recertification
 requirements, to provide for the forgiveness of the loans at a rate of
 one-fourth for each year of teaching in a public school in this State, to
 provide that the State Department of Education establish guidelines for the
 loan programs, to permit school districts to expend up to twenty percent of
 the proceeds of the Fund for renovating school buildings to achieve energy
 efficiency, to provide that this Act does not prohibit taxing entities from
 increasing millage rates and to provide the procedure for raising the millage
 rate after adoption of rollbacks, to provide that millage adjustments
 resulting from equalizations are exempt from the procedure and to repeal
 Section 12-35-520 of the 1976 Code, relating to the distribution of the
 proceeds of sales, use, and accommodation taxes.
   02/02/83  House  Introduced and read first time HJ-615
   02/02/83  House  Referred to Committee on Ways and Means HJ-617
   04/20/83  House  Tabled in committee