South Carolina General Assembly
114th Session, 2001-2002

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Bill 1231

Indicates Matter Stricken
Indicates New Matter

                    Current Status

Bill Number:                      1231
Type of Legislation:              General Bill GB
Introducing Body:                 Senate
Introduced Date:                  20020418
Primary Sponsor:                  Fair
All Sponsors:                     Fair
Drafted Document Number:          l:\council\bills\gjk\20801sd02.doc
Residing Body:                    Senate
Current Committee:                Finance Committee 06 SF
Subject:                          Education Finance Act, computing of local 
                                  school district's taxpaying ability


                        History

Body    Date      Action Description                     Com     Leg Involved
______  ________  ______________________________________ _______ ____________
Senate  20020418  Introduced, read first time,           06 SF
                  referred to Committee


              Versions of This Bill
View additional legislative information at the LPITS web site.

(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

A BILL

TO AMEND SECTION 59-20-20, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE EDUCATION FINANCE ACT AND DEFINITIONS FOR PURPOSES OF THE EDUCATION FINANCE ACT INCLUDING THE DEFINITION OF THE "INDEX OF TAXPAYING ABILITY", SO AS TO PROVIDE THAT IN COMPUTING A LOCAL SCHOOL DISTRICT'S INDEX OF TAXPAYING ABILITY, THE DEPARTMENT OF REVENUE SHALL REDUCE THE VALUE OF PROPERTY IN A DISTRICT BY THE AMOUNT OF THE DISTRICT'S OUTSTANDING GENERAL OBLIGATION DEBT AND TAX ANTICIPATION NOTES FOR CAPITAL PROJECTS.

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

SECTION 1. Section 59-20-20(3) of the 1976 Code, as last amended by Act 151 of 1997, is further amended by adding a new paragraph at the end to read:

"In computing a local school district's index of taxpaying ability, the Department of Revenue shall reduce the value of property in a district by the amount of the district's outstanding general obligation debt and tax anticipation notes for capital projects."

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

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