S.C. Code § 12-37-2880

Current through 2024 Act No. 209.

Section 12-37-2880 - Fair market value of large commercial motor vehicles subject to road use fee; certain vehicles and buses exempt from certain taxes

(A) In addition to the property tax exemptions allowed pursuant to Section 12-37-220, one hundred percent of the fair market value of all large commercial motor vehicles and buses registered for use in this State is exempt from property tax and is instead subject to the road use fee imposed pursuant to this article.

(B) The road use fee imposed by this article is in lieu of all ad valorem taxes upon large commercial motor vehicles or buses, and any road use or other vehicle-related fees imposed by a political subdivision of this State.

(C) Counties shall mail bills for road use fees and registration to large commercial motor vehicles operating intrastate until the effective date of Section 12-37-2860(F).

S.C. Code § 12-37-2880

Amended by 2021 S.C. Acts, Act No. 37 (HB 3689),s 9, eff. 5/6/2021.

Amended by 2017 S.C. Acts, Act No. 40 (HB 3516), s 8, eff. 1/1/2019.

1997 Act No. 125, Section 1H; 1996 Act No. 461, Section 1.

2017 Act No. 40, Sections 8.L, 8.M, provide as follows:

"L. (1) Notwithstanding any provision to the contrary within this SECTION, a person who registers a vehicle for use in this State pursuant to Article 23, Chapter 37, Title 12, as amended by this act, must register his vehicle during calendar year 2019 and is required to pay the road fees calculated based on the fair market value of the vehicle as specified in Sections 12-37-2820 and 12-37-2850 at the time the vehicle's registration fees are paid.

"(2) Notwithstanding the provisions in Section 12-37-2865(B) and (C), as contained in this SECTION, to the contrary, during calendar year 2019, the first four hundred thousand dollars of fee revenue collected pursuant to Section 12-37-2865 must be retained by the Department of Motor Vehicles to defray programming costs.

"(3) The initial millage required by Section 12-37-2850 must be calculated on or before June 1, 2018.

"M. This SECTION takes effect January 1, 2019, except that the Department of Revenue, in consultation with the Revenue and Fiscal Affairs Office, shall calculate the millage to be used to calculate the road use fee provided in Section 12-37-2850 by July 1, 2018."

2021 Act No. 37, Section 9.B, provides as follows:

"[SECTION 9.]B. This SECTION is effective the first day of the new fiscal year after approval by the Governor."