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Current Status Bill Number:View additional legislative information at the LPITS web site.137 Type of Legislation:General Bill GB Introducing Body:Senate Introduced Date:19990112 Primary Sponsor:Drummond All Sponsors:Drummond, Lander, Giese, Leventis, McGill, Hayes, Setzler Drafted Document Number:l:\council\bills\nbd\11047mm99.doc Residing Body:Senate Current Committee:Finance Committee 06 SF Subject:Property Tax Relief Fund, revenue reimbursements to taxing districts; Taxation, Homestead exemption History Body Date Action Description Com Leg Involved ______ ________ ______________________________________ _______ ____________ Senate 19990112 Introduced, read first time, 06 SF referred to Committee Senate 19981216 Prefiled, referred to Committee 06 SF Versions of This Bill
TO AMEND SECTION 12-37-251, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO HOMESTEAD EXEMPTION FROM PROPERTY TAXES LEVIED FOR SCHOOL OPERATIONS SO AS TO PROVIDE FOR NINETY PERCENT REIMBURSEMENT OF LOST REVENUES TO SCHOOL DISTRICTS IN THE LAST QUARTER OF THE CALENDAR YEAR ON OCTOBER 1 INSTEAD OF ON DECEMBER 1.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 12-37-251(B) of the 1976 Code, as last amended by Section 15A, Part II, Act 155 of 1997, is further amended to read:
"(B) School 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 on December first on October 1."
SECTION 2. This act takes effect upon approval by the Governor for property tax years beginning after 1998.
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