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COMMITTEE REPORT
May 17, 2006
H. 4419
Introduced by Reps. Townsend, Cooper, White, Thompson, Agnew and Martin
S. Printed 5/17/06--S. [SEC 5/18/06 4:15 PM]
Read the first time January 18, 2006.
To whom was referred a Bill (H. 4419) to amend Section 12-45-430, Code of Laws of South Carolina, 1976, relating to the issuance of tax receipts by a county treasurer upon full payment, etc., respectfully
That they have duly and carefully considered the same and recommend that the same do pass with amendment:
Amend the bill, as and if amended, page 1 by striking lines 36 and 37 and inserting:
/ lesser amount to be paid. The auditor, as authorized by county council, may prepare a tax bill to authorize negotiated taxes as a result of a bankruptcy." /
Renumber sections to conform.
Amend title to conform.
HUGH K. LEATHERMAN, SR. for Committee.
REVENUE IMPACT 1/
This bill is not expected to impact state or local revenues.
Explanation
Under current law, a county treasurer cannot issue a tax receipt to a taxpayer unless the taxes, any applicable penalties and costs, and all other charges included on the tax bill have been paid in full. This bill would allow a county treasurer to accept a lesser amount than the original tax bill if a bankruptcy proceeding authorizes a lesser amount to be paid. The language of this bill is permissive and does not require county treasurers to accept a lesser payment. Since this bill allows, but does not require the county treasurer to accept lesser payments through a bankruptcy proceeding and counties are expected to maintain their revenues, this bill is not expected to have any impact on state or local revenues.
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 by the BEA, or Section 2-7-76 for a local revenue impact or Section 6-1-85(B) for an estimate of the shift in local property tax incidence by the Office of Economic Research.
TO AMEND SECTION 12-45-430, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE ISSUANCE OF TAX RECEIPTS BY A COUNTY TREASURER UPON FULL PAYMENT OF THE TAXES AND CHARGES DUE, SO AS TO PROVIDE THAT A COUNTY TREASURER MAY ACCEPT A LESSER AMOUNT THAN THE ORIGINAL TAX BILL TOGETHER WITH ANY APPLICABLE PENALTIES, COSTS, AND CHARGES WHENEVER A BANKRUPTCY PROCEEDING AUTHORIZES A LESSER AMOUNT TO BE PAID, AND TO PROVIDE THAT THE AUDITOR MAY PREPARE A TAX BILL TO AUTHORIZE NEGOTIATED TAXES AS A RESULT OF A BANKRUPTCY.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 12-45-430 of the 1976 Code, as added by Act 145 of 2005, is amended to read:
"Section 12-45-430. A county treasurer may not issue a tax receipt to a taxpayer unless the taxes, any applicable penalties and costs, and all other charges included on the tax bill have been paid in full. However, a county treasurer may accept a lesser amount than the original tax bill together with any applicable penalties, costs, and charges whenever a bankruptcy proceeding authorizes a lesser amount to be paid. The auditor may prepare a tax bill to authorize negotiated taxes as a result of a bankruptcy."
SECTION 2. This act takes effect upon approval by the Governor.
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