Amend the bill, as and if amended, by adding a penultimate SECTION appropriately numbered to read:
/ SECTION __. (A)
Notwithstanding any other effective date
provided in this act for a sales tax exemption enacted in this
act, the exemption does not take effect before the later of:
(1)
the effective date provided in this act without regard to
this section; or
(2)
the July first following a certificate of the Board of
Economic Advisors to the Office of State Budget, the Governor,
the Speaker of the House of Representatives, the president Pro
Tempore of the Senate, the Code Commissioner, and the Director
of the South Carolina Department of Revenue that a simultaneous
or subsequent enactment of the General Assembly has reduced or
eliminated sales tax exemptions in existence on the ratification
date of this act that would result in a sales tax revenue
increase sufficient to offset the estimated sales tax revenues
not collected as a result of the sales tax exemption enacted in
this act. The certificates required pursuant to this section
must be issued in concert with the board's February fifteenth
estimate and must be inclusive of all sales tax exemptions
enacted through that date.
(B) For purposes of
this section, a sales tax exemption includes any enactment
excluding all or some portion of the gross proceeds of sales or
sales price of taxable property from a tax imposed pursuant to
Chapter 36, Title 12 of the 1976 Code. An exemption also
includes a reduced state sales tax rate that does not generally
apply, a "cap" or maximum sales tax on a taxable sale,
or a forbearance by this State from collecting sales tax from
any retailer that would otherwise be collected but for the
forbearance. /
Renumber sections to conform.
Amend title to conform.