South Carolina General Assembly
117th Session, 2007-2008

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Bill 4816


Indicates Matter Stricken
Indicates New Matter


(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

A BILL

TO AMEND ACT 378 OF 2004, AS AMENDED, RELATING TO THE LEXINGTON COUNTY SCHOOL DISTRICT PROPERTY TAX RELIEF ACT, SO AS TO REVISE THE METHOD BY WHICH THE PROPERTY TAX CREDIT ALLOWED PURSUANT TO THIS ACT APPLIES WITH RESPECT TO THE NONSCHOOL-RELATED PROPERTY TAX LIABILITY OF AN OWNER-OCCUPIED RESIDENCE.

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

SECTION    1.    Section 7(C)(1) of Act 378 of 2004, as last amended by Act 427 of 2006, is further amended to read:

"(1)    The revenues allotted to a district must be used to provide a nonrefundable credit against the school property tax liability on property taxable in the district in an amount determined by multiplying the appraised value of the taxable property, before the exemption provided in Section 12-37-250, by a fraction in which the numerator is the total estimated revenue allotted to the district during the applicable fiscal year of the district and the denominator is the total of the appraised value of taxable property, including the value exempted in Section 12-37-250, in the district as of January first of the applicable property tax year. For motor vehicles subject to the payment of property taxes pursuant to Article 21, Chapter 37 of Title 12 of the 1976 Code, the credit provided under this subsection applies against the tax liability for motor vehicle tax years beginning after December of the year in which the credit is calculated. The credit applies first against the liability arising from millage imposed for debt service for schools, then against any liability arising from other methods of financing school capital projects, then against school building lease-purchase obligations, and, except as provided pursuant to subsection (E) of this section, finally against any liability arising from school operations."

SECTION    2.    Section 7 of Act 378 of 2004, as last amended by Act 427 of 2006, is further amended by adding a new subsection at the end to read:

"(E)    Before the provisions of subsection (D) of this section apply, an amount equal to the credit that would apply against the property tax liability for school operations imposed on an owner-occupied residence but for the exemption allowed pursuant to Section 12-37-220(B)(47) of the 1976 Code, is allowed as a credit to be applied proportionately against all nonschool-related property tax otherwise due on the residence."

SECTION    3.    This act takes effect upon approval by the Governor and applies for property tax years beginning after 2007.

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