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3053Type of Legislation: General Bill GBIntroducing Body: HouseIntroduced Date: 19990112Primary Sponsor: KirshAll Sponsors: Kirsh, DavenportDrafted Document Number: l:\council\bills\psd\7038htc99.docResiding Body: HouseCurrent Committee: Ways and Means Committee 30 HWMSubject: Property tax exemptions, personal motor vehicles; phased in over ten year period; TaxationHistory Body Date Action Description Com Leg Involved ______ ________ ______________________________________ _______ ____________ House 19990112 Introduced, read first time, 30 HWM referred to Committee House 19981209 Prefiled, referred to Committee 30 HWM Versions of This Bill
TO AMEND SECTION 12-37-220, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO PROPERTY TAX EXEMPTIONS, SO AS TO PHASE IN OVER TEN YEARS AN EXEMPTION FOR PRIVATE PASSENGER MOTOR VEHICLES, MOTORCYCLES, AND TRUCKS WITH A GROSS WEIGHT OF NOT MORE THAN EIGHT THOUSAND POUNDS, TO EXCLUDE FROM THE EXEMPTION VEHICLES USED IN A TRADE OR BUSINESS, TO PROVIDE FOR LOCAL GOVERNMENTS TO BE REIMBURSED FOR THE TAXES NOT COLLECTED BECAUSE OF THIS EXEMPTION, AND TO PROVIDE THAT THIS EXEMPT PROPERTY IS NEVERTHELESS CONSIDERED TAXABLE PROPERTY FOR PURPOSES OF BONDED INDEBTEDNESS AND CALCULATING THE INDEX OF TAXPAYING ABILITY.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Sections 12-37-220(B) of the 1976 Code is amended by adding an appropriately numbered item at the end to read:
"( )(a) A percentage of the fair market value as provided in subsection (b) of a private passenger motor vehicle as defined in Section 56-3-630, a motorcycle or motor-driven cycle.
(b) The exemption amounts allowed by this item are as follows:
Motor Vehicle Property Tax Year Percentage of Fair
Beginning After Market Value Exempt
June, 1999 10 percent
June, 2000 20 percent
June, 2001 30 percent
June, 2002 40 percent
June, 2003 50 percent
June, 2004 60 percent
June, 2005 70 percent
June, 2006 80 percent
June 2007 90 percent
June 2008 100 percent.
(c) The exemption allowed by this item does not include vehicles used in a trade or business.
(d) The exemption allowed by this item cannot reduce fair market value below the minimum assessed value provided pursuant to Section 12-37-2640 until the exemption percentage equals one hundred percent. Thereafter, no minimum assessment applies.
(e) Property taxing entities must be reimbursed for taxes not collected because of the exemption allowed by this item in the manner provided in Section 12-37-270, mutatis mutandis, except that the reimbursement must be paid not less than monthly and in advance and in a manner that substantially matches the stream of revenue that would be generated if the exempt portion of the property's value were fully taxable.
(f) Property exempted for property taxation in the manner provided in this item is considered taxable property for purposes of bonded indebtedness pursuant to Sections 14 and 15, Article X of the Constitution of this State and for purposes of computing the index of taxpaying ability pursuant to Section 59-20-20(3)."
SECTION 2. This act takes effect upon approval by the Governor.
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