South Carolina General Assembly
114th Session, 2001-2002

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Bill 3733


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COMMITTEE REPORT

April 14, 2001

    H. 3733

Introduced by Rep. Harrell

S. Printed 5/14/01--S.

Read the first time April 17, 2001.

            

THE COMMITTEE ON FINANCE

    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

REPORT:

    That they have duly and carefully considered the same and recommend that the same do pass:

HUGH K. LEATHERMAN, SR. for Committee.

            

A BILL

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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