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H. 4665
STATUS INFORMATION
General Bill
Sponsors: Rep. Ott
Document Path: l:\council\bills\bbm\10351htc08.doc
Introduced in the House on February 7, 2008
Currently residing in the House Committee on Ways and Means
Summary: Homestead Exemption Fund
HISTORY OF LEGISLATIVE ACTIONS
Date Body Action Description with journal page number
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2/7/2008 House Introduced and read first time HJ-19
2/7/2008 House Referred to Committee on Ways and Means HJ-20
View the latest legislative information at the LPITS web site
VERSIONS OF THIS BILL
TO AMEND SECTION 11-11-156, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE HOMESTEAD EXEMPTION FUND AND THE USES OF THE REVENUES THEREOF, SO AS TO REQUIRE AN AMOUNT EQUAL TO TWENTY-FIVE PERCENT OF ANY BALANCE REMAINING IN THE HOMESTEAD EXEMPTION FUND TO BE RETAINED IN THE FUND AND CARRIED FORWARD AS A RESERVE THAT MUST BE USED ONLY TO OFFSET SHORTFALLS IN THE FUND OTHERWISE REQUIRING AMOUNTS DUE SCHOOL DISTRICTS TO BE PAID FROM THE GENERAL FUND OF THE STATE, TO PROVIDE THAT THE REMAINING BALANCE MUST BE CREDITED TO THE NON-FEDERAL AID STATE HIGHWAY FUND AND USED FOR ROAD AND BRIDGE MAINTENANCE, AND TO DELETE THE REIMBURSED PROPERTY TAX CREDIT AS A USE OF THESE REVENUES.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 11-11-156(C) of the 1976 Code, as last amended by Act 57 of 2007, is further amended to read:
"(C) When determined, an amount equal to twenty-five percent of any balance remaining in the Homestead Exemption Fund at the end of a fiscal year must be segregated within the Homestead Exemption Fund as a reserve balance and carried forward in that reserve balance. Revenues in the reserve balance may be used only to offset amounts of state general fund revenues otherwise required to supplement Homestead Exemption Fund distributions pursuant to subsection (A)(6) of this section. The remaining balance in the Homestead Exemption Fund must be credited to the State Non-Federal Aid Highway Fund established pursuant to Section 57-11-20 and used only for road and bridge maintenance.
When determined, any balance in the Homestead Exemption Fund remaining at the end of a fiscal year after the payments to school districts and counties pursuant to subsections (A) and (B) of this section must be segregated within the Homestead Exemption Fund and remitted in the next fiscal year to counties in the proportion that the population of the county is to the total population of the State. Population data must be as determined in the decennial United States Census and the most recent update to that data as determined by the Office of Research and Statistics of the State Budget and Control Board. Revenues received by the county must be used to provide a property tax credit against the property tax liability for county operations on owner-occupied residential property classified for property tax purposes pursuant to Section 12-43-220(c). The credit is an amount determined by dividing the total estimated revenues credited to the county during the applicable fiscal year by the number of parcels in the county eligible for the credit. Credit that exceeds the tax due on a parcel must be reallocated in a uniform amount to remaining parcels with a property tax liability for county operations. The distributions under this subsection are not an obligation of the state general fund if sufficient funds are not available to make such distributions from the Homestead Exemption Fund."
SECTION 2. This act takes effect upon approval by the Governor and applies for balances remaining in the Homestead Exemption Fund at the end of fiscal year 2007-2008 and thereafter.
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