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COMMITTEE REPORT
February 1, 2006
S. 776
S. Printed 2/1/06--S.
Read the first time April 20, 2005.
To whom was referred a Bill (S. 776) to amend Section 12-37-220, as amended, Code of Laws of South Carolina, 1976, relating to property tax exemptions, so as to allow a property, 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, in SECTION 2, by striking line 30 and inserting:
/ after June 30, 2006. /
Renumber sections to conform.
Amend title to conform.
HUGH K. LEATHERMAN, SR. for Committee.
REVENUE IMPACT 1/
This bill is not expected to have an impact on state revenues. Local property tax revenues are expected to decrease by an estimated $54,555 in FY 2006.
Explanation
This bill adds a property tax exemption for motor vehicles licensed and registered as an antique motor vehicle pursuant to Article 23, Chapter 3 of Title 56. According to data from the Department of Motor Vehicles there were 3,187 antique vehicle tags in Fiscal Year 2004. An additional 450 antique vehicle tags have been sold since Fiscal Year 2004. Adding these together yields 3,637 antique vehicle tags. Per Code Section 12-37-2640 motor vehicles whose model year is fifteen years or more prior to the tax year will have an assessed value of $50. Multiplying 3,637 antique vehicle tags by the $50 assessed value times an average millage rate of 300 mils yields $54,555 of local property revenue that will be exempted.
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 12-37-220, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO PROPERTY TAX EXEMPTIONS, SO AS TO ALLOW A PROPERTY TAX EXEMPTION FOR A MOTOR VEHICLE LICENSED AND REGISTERED BY THE SOUTH CAROLINA DEPARTMENT OF MOTOR VEHICLES AS AN ANTIQUE MOTOR VEHICLE.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 12-37-220(B) of the 1976 Code is amended by adding an appropriately numbered item at the end to read:
"( ) a motor vehicle licensed and registered as an antique motor vehicle pursuant to Article 23, Chapter 3 of Title 56.
SECTION 2. This act takes effect upon approval by the Governor and applies for antique motor vehicle property tax years beginning after June 30, 2005.
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