Current Status Bill Number:264 Type of Legislation:General Bill GB Introducing Body:Senate Introduced Date:19970129 Primary Sponsor:Lander All Sponsors:Lander, Bryan and Leventis Drafted Document Number:martin\res1234.jal Residing Body:House Current Committee:Ways and Means Committee 30 HWM Subject:Property Tax Relief Fund, reimbursement from revenues, payment schedule; Taxation, Property, Homestead exemption
Body Date Action Description Com Leg Involved ______ ________ _______________________________________ _______ ____________ House 19970408 Introduced, read first time, 30 HWM referred to Committee Senate 19970403 Read third time, sent to House Senate 19970401 Made Special Order Senate 19970326 Read second time Senate 19970313 Made Special Order Senate 19970220 Committee report: Favorable 06 SF Senate 19970129 Introduced, read first time, 06 SF referred to CommitteeView additional legislative information at the LPITS web site.
Indicates Matter Stricken
Indicates New Matter
COMMITTEE REPORT
February 20, 1997
S. 264
S. Printed 2/20/97--S.
Read the first time January 29, 1997.
To whom was referred a Bill (S. 264), to amend Section 12-37-251, as amended, etc., respectfully
That they have duly and carefully considered the same, and recommend that the same do pass:
JOHN DRUMMOND, for Committee.
1. Estimated Cost to State-First Year$ - 0 -
2. Estimated Cost to State-Annually Thereafter$ - 0 -
This Bill would have no effect on state or local revenue.
The State Property Tax Relief Fund reimbursements for the 1996 tax year have been in accordance with the proposed legislation.
Approved By:
Burnet R. Maybank, III
S.C. Department of Revenue
TO AMEND SECTION 12-37-251, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE PROPERTY TAX RELIEF FUND, BY PROVIDING THAT NINETY PERCENT OF THE REIMBURSEMENT MUST BE PAID WITHIN FIVE WORKING DAYS OF RECEIPT OF THE REQUEST FOR FUNDS FROM THE COUNTY TREASURER .
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 12-37-251 (A) and (B) of the 1976 Code, as last amended by Section 33, Part II, Act 458, of 1996, is further amended to read:
"Section 12-37-251. (A) The State Property Tax Relief Fund shall must be established at an amount equal to the revenue necessary to fund a property tax exemption of one hundred thousand dollars based on the fair market value of property classified pursuant to Section 12-43-220(c) calculated on the school operating millage imposed for tax year 1995, excluding taxes levied for bonded indebtedness and payments pursuant to lease purchase agreements for capital construction. The 1995 tax year school operating millage is the base year millage for purposes of calculating the amount necessary to fund the State Property Tax Relief Fund in accordance with this section. However, in years in which the values resulting from a county-wide reassessment and equalization program are implemented, the base year millage must be adjusted to an equivalent millage rate in the manner that the Department of Revenue and Taxation shall prescribe prescribes. Funds distributed to a taxing district as provided in Item (B) of this section must be used to provide a uniform property tax exemption for all property in the taxing district which is classified pursuant to Section 12-43-220(c), excluding taxes levied for bonded indebtedness and payments pursuant to lease purchase agreements for capital construction.
(B) School Taxing districts must be reimbursed, in the manner provided in Section 12-37-270, for the revenue lost as a result of the homestead exemption provided in this section except that ninety percent of the reimbursement must be paid in the last quarter of the calendar year within five working days of receipt of the request for funds from the county treasurer.
SECTION 2. This act takes effect upon approval by the Governor.