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3734Type of Legislation: General Bill GBIntroducing Body: HouseIntroduced Date: 19990311Primary Sponsor: EdgeAll Sponsors: Edge, Bailey, Bales, Barfield, Barrett, Battle, Bauer, Beck, Bowers, Cato, Chellis, Dantzler, Davenport, Fleming, Gilham, Harrell, Harrison, Haskins, Hawkins, Hinson, Inabinett, Keegan, Kennedy, Klauber, Knotts, Koon, Leach, Limehouse, Lucas, Martin, Mason, McCraw, McGee, Meacham-Richardson, Neilson, Phillips, Quinn, R. Smith, Rhoad, Riser, Rodgers, Sandifer, Sharpe, Simrill, Taylor, Tripp, Trotter, Webb, Whatley, Wilkins, Witherspoon, Woodrum, Young-Brickell, AllenDrafted Document Number: l:\council\bills\dka\3250mm99.docResiding Body: HouseCurrent Committee: Ways and Means Committee 30 HWMSubject: Income tax revenues, personal property tax on motor vehicles, etc.; phase in over five year period, TaxationHistory Body Date Action Description Com Leg Involved ______ ________ ______________________________________ _______ ____________ House 19990406 Co-Sponsor added (Rule 5.2) by Rep. Allen House 19990317 Co-Sponsor removed (Rule 5.2) by Rep. Loftis House 19990311 Introduced, read first time, 30 HWM referred to Committee Versions of This Bill
TO AMEND SECTION 12-37-220, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO EXEMPTIONS FROM PROPERTY TAX, SO AS TO EXEMPT FROM PROPERTY TAX FIFTY PERCENT OF THE FAIR MARKET VALUE OF PRIVATE PASSENGER MOTOR VEHICLES, INCLUDING TRUCKS WITH A GROSS WEIGHT OF NOT MORE THAN EIGHT THOUSAND POUNDS AND AN EMPTY WEIGHT OF NOT MORE THAN FIVE THOUSAND POUNDS, AND MOTORCYCLES; TO PHASE IN THE EXEMPTION OVER FIVE MOTOR VEHICLE TAX YEARS AT THE RATE OF TEN PERCENT A YEAR; TO PROVIDE FOR PROPERTY TAXING ENTITIES TO BE REIMBURSED FOR THE TAXES NOT COLLECTED BECAUSE OF THE EXEMPTION IN AN AMOUNT COMPUTED AT A STATEWIDE AVERAGE MILLAGE RATE, APPLIED ON A PER REGISTERED VEHICLE BASIS, AND CREDITED TO THE TRUST FUND FOR TAX RELIEF AND TO CAP THIS REIMBURSEMENT AT THE AMOUNT SO REIMBURSED IN FISCAL YEAR 2003-04, AND TO PROVIDE THAT THIS EXEMPT VALUE IS NEVERTHELESS CONSIDERED TAXABLE FOR PURPOSES OF BONDED INDEBTEDNESS AND CALCULATING THE INDEX OF TAXPAYING ABILITY AT AMOUNTS NOT TO EXCEED ITS VALUE IN PROPERTY TAX YEAR 2003; AND TO AMEND SECTION 11-11-150, RELATING TO ESTIMATED INCOME TAX REVENUES, SO AS TO PROVIDE FOR DEDUCTIONS FROM THE ESTIMATE OF THE REIMBURSEMENT AMOUNT FOR EXEMPTED PERSONAL PROPERTY TAXES.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 12-37-220(B) of the 1976 Code, as last amended by Act 149 of 1997, is further amended by adding an appropriately numbered item at the end to read:
"( )(a) An amount as determined under subitem (b) below of the fair market value of a private passenger motor vehicle as defined in Section 56-3-630 and of the fair market value of a motorcycle according to the following schedule:
Motor Vehicle Tax Year Percentage of Fair Market
Beginning After June 30 Value
(b) A property taxing entity must be reimbursed for taxes not collected through June 30, 2003, because of the exemption allowed by this item. Annually, as provided in Section 11-11-150, there is credited to the Trust Fund for Tax Relief an amount sufficient to reimburse all local taxing entities the amount of revenue not collected as a result of this exemption. The reimbursement allocation for each property taxing entity must be computed based on an average statewide millage rate as determined by the Board of Economic Advisors, with application of the exemption percentage to each vehicle registered in the State at the average statewide millage. The auditor of each property taxing entity shall apply its allocation so determined to an exemption at the appropriate percentage for each car registered in that property taxing entity. The reimbursement must be paid not less than monthly, 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. After June 30, 2003, the reimbursement is fixed permanently at the amount reimbursed in fiscal year 2003-04.
(c) Property value exempted from property taxation by this item is considered taxable at no more than the amount applicable for property tax year 2003 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).
(d) The exemption allowed by this item does not reduce the minimum assessments provided pursuant to Section 12-37-2640."
SECTION 2. Section 11-11-150(A) of the 1976 Code, as added by Act 419 of 1998, is amended by adding an appropriately numbered item at the end to read:
"( ) Section 12-37-220(B)( ) for the motor vehicle property tax exemption."
SECTION 3. This act takes effect July 1, 1999, and applies with respect to motor vehicle tax years beginning after June 30, 1999.
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