Reference is to Printer's Date 6/2/15-S.
Amend the bill, as and if amended, by SECTION 1 and inserting:
/ SECTION 1. Part IA of H. 3701 of 2015, the general appropriations bill for Fiscal Year 2015-16, is amended by increasing specific general fund appropriations contained therein by amounts provided herein. References in these sections are to sections and subdivisions of those sections in Part IA of H. 3701 of 2015.
VII. Non-Recurring Appropriations
County Transportation
Committees $156,000,000
I. GENERAL OBLIGATION BOND (G.O.)
BONDS SUBJECT TO DEBT
SERVICE LIMITATION:
ECONOMIC DEVELOPMENT
BONDS
16,425,000
/
Amend the bill further, SECTION 4, by deleting Proviso 1.68.
Amend the bill further, SECTION 4, Proviso 1.68, by striking 1.68(B) and (D) and inserting:
/ (B) A
person is entitled to a tax credit against income taxes imposed
pursuant to Chapter 6, Title 12, or bank taxes imposed pursuant
to Chapter 11, Title 12 for the amount of cash and the monetary
value of any publicly traded securities the person contributes
to a nonprofit scholarship funding organization up to the limits
of this paragraph if:
(1)
the contribution is used to provide
grants for tuition to exceptional needs children or foster
children enrolled in eligible schools who qualify for these
grants under the provisions of this paragraph; and
(2)
the person does not designate a specific
child or school as the beneficiary of the contribution.
(D)(1)(a)
The tax credits authorized by subsection (B) may not
exceed cumulatively a total of eight million dollars for
contributions made on behalf of exceptional needs students and
foster children. If the department determines that the total of
such credits claimed by all taxpayers exceeds either limit
amount, it shall allow credits only up to those amounts on a
first come, first served basis.
(b)
The department shall establish an
application process to determine the amount of credit available
to be claimed. The receipt of the application by the department
shall determine priority for the credit. Subject to the
provisions of item (5), contributions must be made on or before
June 30, 2016, in order to claim the credit. The credit must be
claimed on the return for the tax year that the contribution is
made.
(2)
A taxpayer may not claim more than sixty
percent of their total tax liability for the year in
contribution towards the tax credit authorized by subsection
(B). This credit is not refundable.
(3)
If a taxpayer deducts the amount of the
contribution on the taxpayer's federal return and claims
the credit allowed by this paragraph, then the taxpayer must add
back the amount of the deduction for purposes of South Carolina
income taxes.
(4)
The department shall prescribe the form
and manner of proof required to obtain the credit authorized by
subsection (B). Also, the department shall develop a method of
informing taxpayers if the credit limit is met at any time
during Fiscal Year 2015-16.
(5)
A person only may claim a credit pursuant
to subsection (B) for contributions made between July 1, 2015
and June 30, 2016. /
Amend the bill further, SECTION 4, by striking Proviso 117.38 and inserting:
/ SECTION 84 - U12-DEPARTMENT OF TRANSPORTATION
84.19. The Department of Transportation shall distribute the $156,000,000 appropriated in Part 1A, Section 84, for the County Transportation Committees pursuant to Section 12-28-2740. The spending requirements of Section 12-28-2740(C) do not apply to these funds. County Transportation Committees shall utilize the funds distributed pursuant to this proviso solely for paving, rehabilitation, resurfacing and/or reconstruction, and bridge repair, replacement, or reconstruction. /
Renumber sections to conform.
Amend title to conform.