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:

    "(B)(1)        In 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.