The bill S. 102 proposes an amendment to Section 6-1-320 of the South Carolina Code of Laws, which pertains to limitations on millage rate increases. The amendment allows municipalities that do not have an operating millage as of January 1, 2025, or those that incorporate after this date, to impose an operating millage. Specifically, these municipalities can set a millage rate sufficient to cover one-third of their general fund expenses from the previous fiscal year. Additionally, municipalities that previously had an operating millage but repealed it can reimpose a millage rate equivalent to their last rate, adjusted for cumulative increases allowed since 2007 or since the repeal, whichever is more recent.

Furthermore, the bill stipulates that once the operating millage is imposed, it will be subject to the existing limitations on increases outlined in the law. This amendment aims to provide new municipalities with the ability to establish necessary funding mechanisms while ensuring that any reimposed millage adheres to previously set increase limitations. The act will take effect upon approval by the Governor.

Statutes affected:
12/11/2024: 6-1-320
Latest Version: 6-1-320