Amend the bill, as and if amended, by striking all after the enacting words and inserting:
/ SECTION 1. (A)
The authority to pay the recurring expenses of
state government continues at the level of amounts appropriated
in Part IA of Act 73 of 2011 for the recurring expenses of state
government for fiscal year 2012-2013 except as provided in
subsection (B). The provisions of Part IB of Act 73 of 2011,
not including provisions appropriating or transferring funds, or
time specific provisions, are extended through June 30, 2012,
and continue to apply for purposes of the Part IA recurring
appropriations of Act 73 of 2011 as continued for fiscal year
The effective dates of Parts IA and IB, as modified by this subsection of Act 73 of 2011 are extended through June 30, 2013.
(B) Notwithstanding debt service appropriations in Act 73 of 2011, there is appropriated from the general fund of the State whatever amount is necessary for timely debt service on state obligations and other amounts constitutionally required to be appropriated, including the Capital Reserve Fund. The General Reserve Fund is established in the amount required by law.
SECTION 2. (A)
In addition to appropriations made pursuant to Act
73 of 2011, as continued pursuant to Section 1 of this act, the
amounts appropriated in subsection (B) of this section are
appropriated from the general fund of the State in fiscal year
2012-2013 for the nonrecurring purposes stated in subsection (B)
of this section. The source of the revenue for these additional
appropriations include revenues of the fiscal year 2010-2011
Contingency Reserve Fund, unobligated surplus general fund
revenue for fiscal year 2011-2012, as certified by the Board of
Economic Advisors, and recurring general fund revenues for
fiscal year 2012-2013 as contained in the February 15, 2012,
estimate of the Board of Economic Advisors.
(B) There is appropriated from the general fund of the State for fiscal year 2012-2013, the following sums for the purposes stated:
(1) State Ports Authority
Harbor Deepening Reserve Fund $180,000,000
(2) Department of Employment and Workforce
Accelerated pay down of
State Unemployment Tax
(SUTA) federal loan $600,000,000
(3) 2012 Taxable Year Individual Income
Rebate Fund $127,497,923.
(C)(1) There is established in the State Treasury the Taxable Year Individual Income Tax Rebate Fund (fund) separate and distinct from the general fund of the State, the Capital Reserve Fund, and all other funds. Revenues of the fund must be used as an offset for general fund revenues not collected resulting from the income tax rebate provided pursuant to subsection (2) of this subsection. Fund revenues carry forward in the fund through June 30, 2014, after which the fund is terminated and any remaining balance must be credited to the general fund of the State.
(2) There is allowed a rebate to be reflected as a credit against the income tax liability recorded on each South Carolina individual income tax return timely filed for taxable year 2012, including extensions. The rebate does not apply to amended returns filed for the 2012 taxable year. The amount of the rebate is determined by multiplying a fraction, the numerator of which is the liability shown on the return and the denominator is net state individual income tax revenue for taxable year 2011, as calculated by the Board of Economic Advisors multiplied by the amount credited to the fund, but in no case less than one dollar. The Board of Economic Advisors shall provide to the Department of Revenue an estimate of net 2011 taxable year individual income tax revenues by September 2012, for use in calculating the rebate. The Department of Revenue may provide the method of applying the rebate to each liability in a manner that minimizes errors and administrative costs. The rebate provided pursuant to this subsection is allowed not withstanding any shortfall in offsetting fund revenues.
SECTION 3. This act takes effect July 1, 2012. /
Renumber sections to conform.
Amend totals and titles to conform.