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3733Type of Legislation: General Bill GBIntroducing Body: HouseIntroduced Date: 20010320Primary Sponsor: HarrellAll Sponsors: HarrellDrafted Document Number: l:\council\bills\bbm\9952htc01.docResiding Body: SenateSubject: Homestead exemption, residential property tax; reimbursement formula of amounts received by school districts; TaxationHistory Body Date Action Description Com Leg Involved ______ ________ ______________________________________ _______ ____________ ------ 20010515 Scrivener's error corrected Senate 20010514 Committee report: Favorable 06 SF Senate 20010417 Introduced, read first time, 06 SF referred to Committee House 20010412 Read third time, sent to Senate House 20010411 Read second time, unanimous consent for third reading on Thursday, 20010412 House 20010405 Committee report: Favorable 30 HWM House 20010320 Introduced, read first time, 30 HWM referred to Committee Versions of This Bill Revised on April 5, 2001 - Word format Revised on May 14, 2001 - Word format Revised on May 15, 2001 - Word format
Indicates Matter Stricken
Indicates New Matter
May 14, 2001
S. Printed 5/14/01--S. [SEC 5/15/01 3:26 PM]
Read the first time April 17, 2001.
To whom was referred a Bill (H. 3733) to amend Section 12-37-251, Code of Laws of South Carolina, 1976, relating to the residential property tax exemption, so as to revise the "Hold Harmless" base year, etc., respectfully
That they have duly and carefully considered the same and recommend that the same do pass:
HUGH K. LEATHERMAN, SR. for Committee.
TO AMEND SECTION 12-37-251, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE RESIDENTIAL PROPERTY TAX EXEMPTION, SO AS TO REVISE THE "HOLD HARMLESS" BASE YEAR IN THE REIMBURSEMENT DISTRIBUTION FORMULA FROM AMOUNTS RECEIVED BY SCHOOL DISTRICTS IN FISCAL YEAR 1998-99 TO AMOUNTS RECEIVED IN THE PRECEDING FISCAL YEAR.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 12-37-251(B)(2) of the 1976 Code is amended to read:
"(2) School districts must be reimbursed on a per capita basis, but a district may not receive as a reimbursement for
a the current fiscal year an amount less than the actual reimbursement amount it received in the preceding fiscal year 1998-99. If amounts credited to the Trust Fund for Tax Relief for a fiscal year pursuant to item (1) of this subsection are insufficient to pay the full amount of the reimbursements provided by this item, then all amounts credited to the trust fund for a fiscal year for this reimbursement in excess of the amount of the reimbursements paid pursuant to this section in fiscal year 1998-99 must be allocated only to those districts receiving less than the full per capita reimbursement, and this allocation must be on a per capita basis among only those counties receiving some part of this allocation."
SECTION 2. This act takes effect upon approval by the Governor.
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