The bill S. 439 aims to amend Section 12-37-220 of the South Carolina Code of Laws to increase the maximum reimbursement amount for property tax exemptions on certain manufacturing properties. Specifically, it stipulates that 42.8571 percent of the property tax value of manufacturing property will be exempt from taxation, with the exception of property owned or leased by public utilities regulated by the Public Service Commission. Additionally, any refunds or credits received by these public utilities must be passed on to customers as a reduction in rates.

Furthermore, the bill outlines that the revenue loss from this exemption will be reimbursed to political subdivisions, including school districts, up to a cap of $370 million per year. If reimbursements are projected to exceed this cap, the exemption amount will be proportionally reduced. The bill also clarifies that property exempted under this provision will still be considered taxable for purposes of bonded indebtedness. The act will take effect upon the Governor's approval and will apply to property tax years beginning after 2024.

Statutes affected:
03/11/2025: 12-37-220
04/29/2025: 12-37-220
Latest Version: 12-37-220