South Carolina General Assembly
115th Session, 2003-2004

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Bill 71

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COMMITTEE REPORT

February 5, 2003

S. 71

Introduced by Senators Moore, Elliott, Hayes, Grooms, Ravenel, Reese, Courson, Setzler, Rankin and Leatherman

S. Printed 2/5/03--S.    [SEC 2/6/03 4:22 PM]

Read the first time January 14, 2003.

            

THE COMMITTEE ON FINANCE

To whom was referred a Bill (S. 71) to amend the 1976 Code by adding Section 12-39-360 to permit a county to extend the date for filing returns and payment of property taxes for United States Armed Forces or National Guard personnel, 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.

            

STATEMENT OF ESTIMATED FISCAL IMPACT

ESTIMATED FISCAL IMPACT ON GENERAL FUND EXPENDITURES:

$0 (No additional expenditures or savings are expected)

ESTIMATED FISCAL IMPACT ON FEDERAL & OTHER FUND EXPENDITURES IS:

$0 (No additional expenditures or savings are expected)

EXPLANATION OF IMPACT:

There would be no fiscal impact on the General Fund of the State or on federal and/or other funds.

LOCAL GOVERNMENT IMPACT:

Minimal costs which can be handled within existing resources.

Approved By:

Don Addy

Office of State Budget

STATEMENT OF ESTIMATED FISCAL IMPACT

REVENUE IMPACT1/

The Board of Economic Advisors has reviewed the bill and has determined that it would not likely have a significant impact on the payment of property tax on homes. The bill may reduce interest income related to property taxes on cars but any impact is expected to be negligible.

Explanation

This bill would permit counties to extend the property tax filing and/or payment dates of residents serving in the military that are stationed in hazardous duty zones. This bill does not require counties to adopt this measure or set a specific grace period for residents of counties that enact such policies. Counties choosing to adopt such policies will still collect property taxes from eligible residents but at a later date in some cases. Because property taxes on homes are generally paid automatically through escrow accounts, the BEA has determined that this bill would not likely have a significant impact on the payment of property tax on homes. The bill may reduce interest income related to property taxes on cars but any impact is expected to be negligible.

Approved By:

William C. Gillespie

Board of Economic Advisors

1/ This statement meets the requirement of Section 2-7-71 for a state revenue impact, Section 2-7-76 for a local revenue impact, and Section 6-1-85(B) for an estimate of the shift in local property tax incidence by the Office of Economic Research.

A BILL

TO AMEND THE 1976 CODE BY ADDING SECTION 12-39-360 TO PERMIT A COUNTY TO EXTEND THE DATE FOR FILING RETURNS AND PAYMENT OF PROPERTY TAXES FOR UNITED STATES ARMED FORCES OR NATIONAL GUARD PERSONNEL SERVING IN OR NEAR A HAZARD DUTY ZONE.

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

SECTION    1.    The 1976 Code is amended by adding:

"Section 12-39-360.    A county may extend the date for filing returns and the payment of property taxes for persons serving with the United States Armed Forces or National Guard in or near a hazard duty zone."

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

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