COMMITTEE AMENDMENT ADOPTED

May 24, 2016

H. 4577

Introduced by Reps. White, Bales, Merrill, D.C. Moss, G.R. Smith and Cobb-Hunter

S. Printed 5/24/16--S.

Read the first time February 24, 2016.

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.

Amend Title To Conform

Be it enacted by the General Assembly of the State of South Carolina:

SECTION    1.    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 two and one- half million dollars, the revenues in excess of five two and one-half million dollars must be directed to the State Aviation Fund; however, any revenue in excess of ten five million dollars must be credited in equal amounts to the general fund and the State Aviation Fund."

SECTION    2.    This act takes effect upon approval by the Governor and first applies to Fiscal Year 2016-2017.