Current Status Bill Number:3509 Type of Legislation:General Bill GB Introducing Body:House Introduced Date:19970220 Primary Sponsor:Hawkins All Sponsors:Hawkins, Wilder, Fleming, Cooper, Vaughn, Allison, Townsend, Littlejohn, Stille, Lee, Davenport, Maddox, Martin and Jordan Drafted Document Number:jic\5383htc.97 Residing Body:House Current Committee:Ways and Means Committee 30 HWM Subject:Property tax depreciation, reimbursement; equipment used in manufacture of tires; Businesses and Corporations, Taxation
Body Date Action Description Com Leg Involved
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House 19970220 Introduced, read first time, 30 HWM
referred to Committee
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TO AMEND SECTION 12-37-935, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE MAXIMUM DEPRECIATION ALLOWED FOR PURPOSES OF THE PROPERTY TAX AND THE REIMBURSEMENT TO LOCAL TAXING ENTITIES FROM THE DEPRECIATION PROPERTY TAX REIMBURSEMENT FUND, SO AS TO PROVIDE FOR REIMBURSEMENT TO LOCAL TAXING ENTITIES FOR THE ADDITIONAL DEPRECIATION ALLOWED FOR EQUIPMENT USED IN THE MANUFACTURE OF TIRES BY MANUFACTURERS WHO EMPLOY MORE THAN FIVE THOUSAND EMPLOYEES AND HAVE OVER ONE BILLION DOLLARS IN CAPITAL INVESTMENT IN THIS STATE.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 12-37-935(B) of the 1976 Code, as added by 458 of 1996, is amended to read:
"(B) There is established in the State Treasury a fund separate and distinct from the general fund of the State and all other funds styled The Depreciation Property Tax Reimbursement Fund. Annually, the General Assembly shall appropriate to this fund an amount sufficient to reimburse all local taxing entities the amount of revenue not collected as a result of the additional depreciation more than eighty percent allowed for manufacturer's machinery and equipment pursuant to this section. No reimbursement is allowed for any depreciation allowed in connection with custom molds and dies used in the conduct of manufacturing electronic interconnection component assembly devices for computers and computer peripherals and equipment used in the manufacture of tires by manufacturers who employ more than five thousand employees in this State and have over one billion dollars in capital investment in this State Reimbursements must be paid from the fund in the manner provided in Section 12-37-270, mutatis mutandis."
SECTION 2. Upon approval by the Governor, this act is effective for property tax years beginning after 1996.