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TO AMEND SECTION 12-37-2460, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE CREDITING OF AIRCRAFT PROPERTY TAXES, SO AS TO CREDIT THE PROCEEDS OF THE TAX TO THE STATE AVIATION FUND; AND TO AMEND SECTION 55-5-280, AS AMENDED, RELATING TO THE STATE AVIATION FUND, SO AS TO MAKE A CONFORMING CHANGE.
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. 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, as last amended by Act 270 of 2012, is further amended to read:
"(B) In any fiscal year in which the tax levied by the State pursuant to Section 12-37-2410, et seq., exceeds five million dollars, the revenues in excess of five million dollars must be directed to the State Aviation Fund; however, any revenue in excess of ten million dollars must be credited in equal amounts to the general fund and the State Aviation Fund Reserved."
SECTION 3. This act takes effect upon approval by the Governor and first applies to Fiscal Year 2016-2017.
This web page was last updated on December 10, 2015 at 3:33 PM