SC S0439

Increases the maximum annual reimbursement cap for the manufacturing property tax exemption from $170 million to $300 million

Maintains the existing 42.8571% exemption on property tax value for manufacturing property assessed under Section 12-43-220(a)(1)

Excludes property owned or leased by public utilities regulated by the Public Service Commission from the exemption, regardless of whether used for manufacturing

Requires proportional reduction of the exemption amount in any year when projected reimbursements would exceed the cap

Takes effect upon Governor's approval and applies to property tax years beginning after 2024