(A86, R105, S675)

AN ACT TO AMEND SECTION 12-37-2460, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO PROPERTY TAX REVENUES FROM CERTAIN AIRCRAFT, SO AS TO CREDIT THE PROCEEDS OF SUCH TAXES TO THE STATE AVIATION FUND; TO AMEND SECTION 55-5-280, RELATING TO THE STATE AVIATION FUND, SO AS TO PHASE IN THE CREDITING OF THE PROPERTY TAX REVENUES FROM AIRCRAFT; AND TO PROVIDE THAT A PORTION OF THE REVENUES COLLECTED MUST BE USED TO OBTAIN OR DEVELOP CERTAIN AIRPORT FACILITIES.

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

Property taxes on aircraft, crediting

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 State Aviation Fund."

State Aviation Fund

SECTION     2.     Section 55-5-280(B) of the 1976 Code is amended to read:

"(B)(1)     In Fiscal Year 2021-2022, the first one million two hundred fifty thousand dollars in revenue from the tax levied by the State pursuant to Section 12-37-2410, et seq., must be directed to the General Fund of the State. In Fiscal Year 2021-2022, if the revenues from the tax levied by the State pursuant to Section 12-37-2410, et seq., exceeds one million two hundred fifty thousand dollars, the revenues in excess of one million two hundred fifty thousand dollars must be directed to 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."

Airport facilities

SECTION     3.     Revenues collected pursuant to this act and credited to the State Aviation Fund shall be used, in part, to aid counties within the State that do not have an airport facility in obtaining or developing an airport facility through the South Carolina Aeronautics Commission.

Time effective

SECTION     4.     This act takes effect upon approval by the Governor.

Ratified the 18th day of May, 2021.

Approved the 18th day of May, 2021.

This web page was last updated on June 14, 2021 at 9:34 AM