Current Status Bill Number:4940 Type of Legislation:General Bill GB Introducing Body:House Introduced Date:19960411 Primary Sponsor:Seithel All Sponsors:Seithel, Hallman and Fulmer Drafted Document Number:jic\5721htc.96 Residing Body:House Current Committee:Ways and Means Committee 30 HWM Subject:Property tax credit, taxpayer's special purpose district
Body Date Action Description Com Leg Involved
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House 19960411 Introduced, read first time, 30 HWM
referred to Committee
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TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 4-10-45 SO AS TO PROVIDE THAT A PORTION OF AMOUNTS DISTRIBUTED TO A LOCAL SALES AND USE TAX COUNTY FROM THE PROPERTY TAX CREDIT FUND MUST BE USED TO PROVIDE A TAX CREDIT AGAINST A TAXPAYER'S SPECIAL PURPOSE OR PUBLIC SERVICE DISTRICT PROPERTY TAX LIABILITY.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Chapter 10, Title 4 of the 1976 Code is amended by adding:
"Section 4-10-45. If a special purpose district or public service district levies a tax millage in the county area, a portion of the distribution to the county pursuant to Section 4-10-40(A)(1) must be used to provide a credit against the district property tax liability of taxpayers in the district in the manner provided in Section 4-10-40(B), mutatis mutandis. A special purpose or public service district shall receive a portion of the county's allocation from the Property Tax Credit Fund that is determined by multiplying the total distribution under Section 4-10-40(A)(1) by a fraction in which the numerator is the property tax revenues from the millage levied by the district for the last completed tax year and the denominator is the total of the property tax revenues from the millage levied by the county for ordinary purposes and all the property tax revenues from the millage levied by all special or public service districts in the county area for the last completed tax year. The amount of the credit in excess of the taxpayer's district property tax liability must be returned to the county's allocation."
SECTION 2. This act takes effect January 1, 1997.