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H Amdt 20 to H 5300 - Repealing Property Tax Exemption - South Carolina Key Vote

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Title: Repealing Property Tax Exemption

Vote Smart's Synopsis:

Vote to table an amendment to H 5300 that repeals provisions of the tax code that allow taxpayers to exempt from all property taxes the total fair market value of owner-occupied residential property receiving the special assessment ratio, except for the millage imposed for the repayment of general obligation debt.

Highlights:

- Repeals provisions of the public finance code that establishes the Homestead Exemption Fund, which collects the revenue generated by the additional one percent sales, use, and casual excise tax on certain items beginning June 1, 2007, which are then dispersed according to a three tier reimbursement schedule for school districts (Sec. B). - Establishes an effective date of June 30, 2009 and applies to tax years beginning after 2008 (Sec. C).

NOTE: A LEGISLATOR MAY MOVE TO TABLE ANY PENDING LEGISLATION, THUS HALTING FURTHER CONSIDERATION. A "YEA" VOTE IS IN SUPPORT OF HALTING FURTHER CONSIDERATION, AND A "NAY" VOTE IS IN SUPPORT OF FURTHER CONSIDERATION. TABLING MOTIONS ARE OFTEN USED TO KILL LEGISLATION.

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