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.