Whereas, many citizens believe that it is fundamentally inequitable for some local governments to enjoy such large windfalls while other local governments are in dire need of additional revenue; and Whereas, if it is assumed that twentyfive billion dollars will be spent on new generating facilities over the next fifteen years with feesinlieu of taxes calculated at four percent of fair market value and an average millage rate of three hundred mills, and that the ad valorem taxes or fees were shared on a per capita basis with all of the counties and school districts within the state, each county would receive additional annual revenue. Now, therefore, Be it enacted by the General Assembly of the State of South Carolina: SECTION 1. Article 3, Chapter 37, Title 12 of the 1976 Code is amended by adding: (A) For purposes of ad valorem taxes “Section 1237221. imposed by a political subdivision, eightyfive percent of the total fair market value of all real property associated with a facility for the generation of electric power placed into service after the effective date of this section, and otherwise subject to property tax, is exempt from property tax imposed by any applicable political subdivision. (B) The eightyfive percent of the fair market value of property qualifying for the exemption in subsection (A) is subject to a state property tax. The state property tax must be assessed at a ratio of ten and onehalf percent for school operating, county operating, and municipal operating purposes only. The millage rate for each purpose must not exceed the average annual rate imposed for that purpose throughout the State and must be set annually in the general appropriations act. The tax must be imposed by the county treasurer and collected in the same manner as other property taxes collected by the county for the same purpose and remitted upon receipt to the State Treasurer. (C)(1) Upon receipt of the tax imposed by this section and subject to the limit imposed pursuant to item (2) of this subsection, the State Treasurer shall transfer the amount collected for school operating purposes to the Homestead Exemption Fund to be distributed in the manner provided by this fund and the State Treasurer shall transfer the amount collected for county and municipal operating purposes to the Local Government Fund to be
Whereas, many citizens believe that it is fundamentally inequitable for some local governments to enjoy such large windfalls while other local governments are in dire need of additional revenue; and Whereas, if it is assumed that twentyfive billion dollars will be spent on new generating facilities over the next fifteen years with feesinlieu of taxes calculated at four percent of fair market value and an average millage rate of three hundred mills, and that the ad valorem taxes or fees were shared on a per capita basis with all of the counties and school districts within the state, each county would receive additional annual revenue. Now, therefore, Be it enacted by the General Assembly of the State of South Carolina: SECTION 1. Article 3, Chapter 37, Title 12 of the 1976 Code is amended by adding: “Section 1237221. (A) For purposes of ad valorem taxes imposed by a political subdivision, eightyfive percent of the total fair market value of all real property associated with a facility for the generation of electric power placed into service after the effective date of this section, and otherwise subject to property tax, is exempt from property tax imposed by any applicable political subdivision. (B) The eightyfive percent of the fair market value of property qualifying for the exemption in subsection (A) is subject to a state property tax. The state property tax must be assessed at a ratio of ten and onehalf percent for school operating, county operating, and municipal operating purposes only. The millage rate for each purpose must not exceed the average annual rate imposed for that purpose throughout the State and must be set annually in the general appropriations act. The tax must be imposed by the county treasurer and collected in the same manner as other property taxes collected by the county for the same purpose and remitted upon receipt to the State Treasurer. (C)(1) Upon receipt of the tax imposed by this section and subject to the limit imposed pursuant to item (2) of this subsection, the State Treasurer shall transfer the amount collected for school operating purposes to the Homestead Exemption Fund to be distributed in the manner provided by this fund and the State Treasurer shall transfer the amount collected for county and municipal operating purposes to the Local Government Fund to be
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