Counties and municipalities must be reimbursed for the revenue lost as a result of the business inventory tax exemption based on the 1987 tax year millage and 1987 tax year assessed value of inventories in the counties and municipalities. If an amount of reimbursement to a political subdivision within a county is attributable to a separate millage for debt service for any purpose, when that debt is paid, the appropriate reimbursement amount must be redistributed proportionately to the other separate millages levied by the political subdivision within the county for the 1987 tax year. There is credited annually as provided in Section 11-11-150 to the Trust Fund for Tax Relief whatever amount is necessary to reimburse fully all counties and municipalities the required amount. The Comptroller General shall make remittances of this reimbursement to counties and municipalities in four equal payments.

Notwithstanding any other provision of law, business inventory exempted from property taxation in the manner provided in this section is considered taxable property in an amount equal to the 1987 tax year assessed valuation for purposes of bonded indebtedness pursuant to Sections 14 and 15 of Article X of the Constitution of this State and for purposes of computing the "index of taxpaying ability" pursuant to item (3) of Section 59-20-20.

Where a portion of a special purpose district is annexed to a municipality, and its service functions in the annexed area are assumed by the municipality, the total amount remitted to the county and municipality under this section shall not exceed the total amount which would be remitted to the two entities separately. However, the assessed valuation and special purpose district tax levy for tax year 1987 with respect to the annexed portion of the special purpose district must be taken into consideration in determining the proportionate share of the total allocation due to the county and the municipality.