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TO AMEND SECTION 12-37-2460, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO CREDITING PROPERTY TAXES ON AIRLINES, SO AS TO CREDIT THE PROCEEDS OF TAXES TO THE STATE AVIATION FUND; AND TO AMEND SECTION 55-5-280, RELATING TO THE STATE AVIATION FUND, SO AS TO PHASE-IN THE CREDITING OF THE PROCEEDS.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 12-37-2460 of the 1976 Code is amended to read:
"Section 12-37-2460. Subject to Section 55-5-280, the proceeds collected under this article shall be paid into the
general fund of the State Aviation Fund."
SECTION 2. Section 55-5-280(B) of the 1976 Code is amended to read:
any Fiscal Year in which 2021-2022, if the revenues from the tax levied by the State pursuant to Section 12-37-2410, et seq., exceeds two and one-half one million two hundred fifty thousand dollars, the revenues in excess of two and one-half one million two hundred fifty thousand dollars must be directed to the State Aviation Fund ; however, any revenue in excess of five million dollars must be credited in equal amounts to the general fund and the State Aviation Fund.
(2) In any fiscal year after 2021-2022, the revenues from the tax levied by the State pursuant to Section 12-37-2410, et seq., must be credited to the State Aviation Fund."
SECTION 3. This act takes effect upon approval by the Governor.
This web page was last updated on December 11, 2020 at 11:53 PM