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Bill 4749

                    Current Status

Bill Number:                      4749
Type of Legislation:              General Bill GB
Introducing Body:                 House
Introduced Date:                  20000308
Primary Sponsor:                  Bowers
All Sponsors:                     Bowers and Pinckney
Drafted Document Number:          l:\council\bills\gjk\20962sd00.doc
Residing Body:                    House
Current Committee:                Ways and Means Committee 30 HWM
Subject:                          Education Finance Act, index of taxpaying 
                                  ability redefined; value of property in school 
                                  district when owner bankrupt


                        History

Body    Date      Action Description                     Com     Leg Involved
______  ________  ______________________________________ _______ ____________
House   20000308  Introduced, read first time,           30 HWM
                  referred to Committee


              Versions of This Bill

TO AMEND SECTION 59-20-20, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO DEFINITIONS IN REGARD TO THE EDUCATION FINANCE ACT, SO AS TO REVISE THE DEFINITION OF "INDEX OF TAXPAYING ABILITY" BY FURTHER PROVIDING FOR THE MANNER IN WHICH THE ASSESSED VALUE OF PROPERTY IN A SCHOOL DISTRICT OWNED BY A PERSON IN BANKRUPTCY STATUS SHALL BE INCLUDED WITHIN THE "INDEX OF TAXPAYING ABILITY".

Be it enacted by the General Assembly of the State of South Carolina:

SECTION 1. The third paragraph of Section 59-20-20(3) of the 1976 Code, as last amended by Act 497 of 1994, is further amended to read:

"The index of taxpaying ability for a particular current year shall not include the assessed value of property in a school district which is classified under Section 12-43-220(a) and Section 12-43-220(e), which is at least fifteen ten percent of the total assessed value of real property in the school district, which on February first of the year has been in bankruptcy status for a minimum of thirty fifteen consecutive months, and on which no local school property taxes have been collected for at least two consecutive fiscal years the previous year. It is the responsibility of the county auditor to report such exclusions from the index to the Department of Revenue and to immediately notify the Department of Revenue of any change in the bankruptcy status of such real property or any collection of school property taxes from such real property."

SECTION 2. This act takes effect upon approval by the Governor.

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