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TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 6-1-340 SO AS TO PROVIDE AN ADDITIONAL LIMITATION ON SPENDING OF PROPERTY TAX REVENUES FOR THE OPERATION OF POLITICAL SUBDIVISIONS AND SCHOOL DISTRICTS.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Article 3, Chapter 1, Title 6 of the 1976 Code is amended by adding:
"Section 6-1-340. (A) In addition to the limits on property taxes imposed on local governing bodies and school districts pursuant to this article, a local governing body or school district may not spend property tax revenues for a fiscal year for operating purposes that exceed the lesser of the total of the entity's property tax revenues for operations in the prior year plus six percent or the total of the entire property tax revenues for operations in the prior year adjusted for inflation and population growth. The Office of Research and Statistics of the State Budget and Control Board shall provide the appropriate percentage for population and consumer price index growth to the local governing body or school district for purposes of calculating the spending limits.
(B) Where a limitation provided by law on spending of property tax revenues for operations of a local governing body or school district provides a lower spending limit than the limit imposed by this section, then the lower limit applies in lieu of the limitation provided by this section."
SECTION 2. This act takes effect upon approval by the Governor and applies for property taxes imposed for operations in fiscal years beginning after June 30, 2005.
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