South Carolina Code 11-11-330. Trust Fund for Tax Relief; use of funds
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Terms Used In South Carolina Code 11-11-330
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
Funds credited to the "Trust Fund for Tax Relief" must be used to provide property tax relief in the manner prescribed in § 12-37-251. As provided in § 11-11-150, there is transferred to the Trust Fund for each fiscal year an amount sufficient to reimburse sums equal to the amount of taxes that were not collected for school districts by reason of the exemption provided in § 12-37-251.