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Current Status Bill Number:View additional legislative information at the LPITS web site.4671 Type of Legislation:General Bill GB Introducing Body:House Introduced Date:20000223 Primary Sponsor:Edge All Sponsors:Edge, Bales, Quinn, Barfield, Cato, Davenport, Fleming, Hamilton, Haskins, Hawkins, Klauber, Knotts, Leach, Limehouse, Loftis, McGee, Riser, Sandifer, Simrill, Taylor, Tripp, Whatley, Witherspoon, Woodrum, Young-Brickell, Perry, Meacham-Richardson, Altman, Law, Koon, Lucas, Trotter, Dantzler, Harrison, Bailey, Chellis, Frye, H. Brown, Battle, Bowers, Sharpe, Allen, Phillips, Hinson, McCraw, Huggins, Martin, McKay and Wilkins Drafted Document Number:l:\council\bills\bbm\9232htc00.doc Companion Bill Number:1090 Residing Body:House Current Committee:Ways and Means Committee 30 HWM Subject:Property tax exemptions, personal motor vehicle of certain weight; Trust Fund for Tax Relief; Taxation History Body Date Action Description Com Leg Involved ______ ________ ______________________________________ _______ ____________ ------ 20000303 Companion Bill No. 1090 House 20000223 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 A PORTION 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; 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 TO CAP THIS REIMBURSEMENT AT THE AMOUNT SO REIMBURSED IN FISCAL YEAR 2004-05, 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 2004; AND TO AMEND SECTION 11-11-150, RELATING TO THE TRUST FUND FOR TAX RELIEF, SO AS TO CREDIT TO IT THE REIMBURSEMENT REQUIRED FOR THE PERSONAL PROPERTY TAX EXEMPTION ALLOWED BY THIS ACT.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 12-37-220(B) of the 1976 Code is amended by adding an appropriately numbered item at the end to read:
"( )(a) A percentage 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 motor cycle.
(b) 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 a county must be computed based on an average statewide millage rate as determined by the Board of Economic Advisors, applied to a percentage of the fair market value of each eligible vehicle registered in this State beginning with ten percent for fiscal year 2000-01 and increasing in increments of ten percent a fiscal year until fifty percent is attained. The county auditor, from the amount of the reimbursement allocated to the county, shall calculate a uniform percentage of the fair market value of each eligible vehicle registered in the county that is exempt from property taxes levied in the county and apply that exemption for motor vehicle property tax years beginning in the fiscal year. 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. The reimbursement is credited pro rata to property taxing entities in the county. After June 30, 2004, the reimbursement is fixed permanently at the amount reimbursed in fiscal year 2004-05.
(c) Property value exempted from property taxation by this item is considered taxable at no more than the amount applicable for property tax year 2004 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 cannot reduce the minimum assessment 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, 2000, and applies with respect to motor vehicle tax years beginning after June 30, 2000.
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