Current Status Bill Number:
881Ratification Number: 292Act Number: 458Type of Legislation: General Bill GBIntroducing Body: SenateIntroduced Date: 19980114Primary Sponsor: PeelerAll Sponsors: PeelerDrafted Document Number: jic\5068htc.98Date Bill Passed both Bodies: 19980220Date of Last Amendment: 19980217Governor's Action: SDate of Governor's Action: 19980407Subject: Cherokee County School District No. 1, property tax refund provided from excess sales and use tax collected
Body Date Action Description Com Leg Involved ______ ________ _______________________________________ _______ ____________ ------ 19980910 Act No. A458 ------ 19980407 Signed by Governor ------ 19980401 Ratified R292 House 19980220 Read third time, enrolled for ratification House 19980219 Read second time, unanimous consent for third reading on the next Legislative day House 19980218 Introduced, read first time, placed on Calendar without reference Senate 19980218 Read third time, sent to House Senate 19980217 Read second time, unanimous consent for third reading on Wednesday, 19980218 Senate 19980217 Amended Senate 19980114 Introduced, read first time, placed on local and uncontested Calendar without reference Senate 19971215 Prefiled, placed on Local and Uncontested Calendar without referenceView additional legislative information at the LPITS web site.
(A458, R292, S881)
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:
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."
SECTION 2. This act takes effect upon approval by the Governor.
Approved the 7th day of April, 1998.