2012 South Carolina Code of Laws
Title 12 - Taxation
Chapter 37 - ASSESSMENT OF PROPERTY TAXES
Section 12-37-2735 - Personal Property Tax Relief Fund established.

(A) There is established in the State Treasury a separate and distinct fund to be known as the Personal Property Tax Relief Fund to which must be credited not more than nor less than twenty million dollars for a fiscal year. All monies deposited to this fund must be accounted for separately and any interest accruing from the investment of the monies on deposit with the fund must be credited to the fund and used for the same purpose as the principal. The fund must be used to make allocations available to the counties for the purpose of assisting the counties in reducing the ad valorem tax on personal motor vehicles.

(B) The monies credited to the Personal Property Tax Relief Fund must be allocated annually to separate county accounts, one each established in the name of the forty-six counties. The monies must be divided and allocated to the various county accounts based on a ratio equal to the total number of personal motor vehicles registered in a county divided by the total number of personal motor vehicles registered statewide at the close of the preceding calendar year or fiscal year as determined by the State Treasurer. The allocation drawn from the fund must be used for the exclusive purpose of reducing the ad valorem tax on personal motor vehicles and must be distributed to eligible persons in an equitable manner based on the fair market value of the vehicle.

HISTORY: 1999 Act No. 100, Part II, Section 111.