Reference is to Printer's Date 3/3/11--H.
Amend the bill, as and if amended, in Chapter 70, Title 12 of the 1976 Code, as added in SECTION 1, page 2, by inserting after line 3:
/Section 12-70-20. (A)
Notwithstanding the provisions of Section 12-36-2630(3)
and Chapter 4, Title 6, the first three million dollars
collected in a fiscal year of revenues of the two percent sales
tax on accommodations imposed pursuant to Section 12-36-920 must
be transferred to the South Carolina Department of Parks,
Recreation and Tourism and used by that department solely to
provide directly or indirectly for the sponsorship of the
Heritage Golf Tournament. This transfer shall continue only
until a suitable sponsor or sponsors are secured for the
tournament as determined by the Department of Parks, Recreation
(B) The Board of Economic Advisors, Based on past collections, annually shall estimate total additional state sales tax revenue, including the two percent state accommodations tax generated by the Heritage Golf Tournament, and of the amount estimated by the board and certified to the State Treasurer, the increase estimated, not to exceed three million dollars, is deemed state accommodations tax revenue and must be distributed pursuant to Chapter 4, Title 6 as if it were the three million dollars transferred pursuant to subsection (A) of this section. /
Amend further, page 2, by striking SECTION 2 and inserting:
/ SECTION 2. this act takes effect upon approval by the Governor and applies for fiscal years beginning after June 30, 2011. /
Renumber sections to conform.
Amend title to conform.