Amend the bill, as and if amended, Part IB, Section 90, STATEWIDE REVENUE, page 538, after line 14, by adding an appropriately numbered new proviso to read:
/ 90.___ (SR: Income Tax Rebate Fund) (A) There is created a separate and distinct fund in the State Treasury known as the Income Tax Rebate Fund. The fund is comprised of monies directed to the fund by this act. The fund must be used to provide an income tax rebate to all South Carolina income taxpayers. The rebate shall be the amount produced when multiplying a fraction in which the income taxpayer's income tax liability is the numerator and the denominator is the projected net state income tax revenues in the most completed tax year, multiplied by the balance in the Income Tax Rebate Fund.
(B) The rebate must be made to each South Carolina income taxpayer as soon as practicable after the taxpayer files a South Carolina income tax return for the 2011 tax year and may be combined with any rebate due to the taxpayer. The taxpayer's income tax liability for purposes of calculating the rebate is the filer's Total South Carolina Tax as indicated on the filer's income tax form or tax computation worksheet if the filer requests an extension. An income taxpayer who files an income tax form or requests an extension after the filing deadline is not eligible for the rebate provided by this section. /
Renumber sections to conform.
Amend sections, totals and title to conform.