Increases the maximum reimbursement amount for the property tax exemption on corporate income tax revenues for manufacturing property in South.

The bill amends the South Carolina Code to increase the maximum reimbursement amount for the property tax exemption on corporate income tax revenues for manufacturing property. The exemption applies to 42.8571 percent of the property tax value of manufacturing property, excluding property owned or leased by a public utility. If reimbursements exceed the cap, the exemption amount is proportionally reduced. The revenue loss from the exemption must be reimbursed to political subdivisions, including school districts, up to a maximum of $370 million per year.

Increases the maximum reimbursement amount for the property tax exemption on corporate income tax revenues for manufacturing property in South.

The bill amends the South Carolina Code to increase the maximum reimbursement amount for the property tax exemption on corporate income tax revenues for manufacturing property. The exemption applies to 42.8571 percent of the property tax value of manufacturing property, excluding property owned or leased by a public utility. If reimbursements exceed the cap, the exemption amount is proportionally reduced. The revenue loss from the exemption must be reimbursed to political subdivisions, including school districts, up to a maximum of $370 million per year.