S 1112 General Bill, By Giese and Matthews
Summary: Equalized Education Finance and Funding Act
    A BILL TO ENACT THE "SOUTH CAROLINA EQUALIZED EDUCATION FINANCE AND FUNDING ACT" INCLUDING PROVISIONS TO AMEND CHAPTER 20, TITLE 59, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE EDUCATION FINANCE ACT OF 1977, SO AS TO RENAME THE CHAPTER THE SOUTH CAROLINA EQUALIZED EDUCATION FINANCE ACT OF 2004, PROVIDE FOR THE ACHIEVEMENT OF OBJECTIVES FOR HIGH ACADEMIC ACHIEVEMENT REQUIRED BY THE EDUCATION ACCOUNTABILITY ACT OF 1998, DEFINE CERTAIN ADDITIONAL TERMS, PROVIDE FOR EQUALIZED SCHOOL MILLAGE, EQUALIZED REVENUE, AND EQUALIZED STATE FUNDING THROUGHOUT THE STATE TO BE PHASED IN OVER THE NEXT TWO YEARS, PROVIDE THAT THE BASE STUDENT COST FOR THE 2004-05 SCHOOL YEAR IS FIVE THOUSAND ONE HUNDRED SEVENTY-FIVE DOLLARS, ADD A NEW WEIGHTING FOR POVERTY, PROVIDE THAT EQUALIZED SCHOOL MILLAGE OF ONE HUNDRED MILLS MUST BE LEVIED IN ALL SCHOOL DISTRICTS, PROVIDE THAT THE DIVISION OF RESEARCH AND STATISTICS OF THE BUDGET AND CONTROL BOARD SHALL SUBMIT TO THE GENERAL ASSEMBLY AND THE GOVERNOR ESTIMATES OF THE EQUALIZED MILLAGE REVENUE AND OTHER STATE FUNDS TO FUND THE AMOUNT OF EQUALIZED STATE FUNDING FOR THE FOUNDATION PROGRAM, PROVIDE WHAT CONSTITUTES ADDITIONAL STATE EFFORT, PROVIDE FOR THE STATE MINIMUM SALARY SCHEDULE TO BE ADJUSTED BASED ON THE AVERAGE SALARY OF AT LEAST THE GEORGIA/NORTH CAROLINA AVERAGE SALARY, PROVIDE THE SPENDING PRIORITY OF FUNDS ALLOCATED TO IMPLEMENT THE FOUNDATION PROGRAM, AND MAKE OTHER CONFORMING CHANGES; BY ADDING ARTICLE 11 TO CHAPTER 36, TITLE 12, SO AS TO IMPOSE AN ADDITIONAL STATE SALES, USE, AND CASUAL EXCISE TAX EQUAL TO TWO PERCENT OF GROSS PROCEEDS OF SALES OR SALES PRICE, AND TO PROVIDE THAT THIS ADDITIONAL TWO PERCENT TAX DOES NOT APPLY TO THE SALE OF UNPREPARED FOOD AND ON ACCOMMODATIONS FOR TRANSIENTS; BY ADDING SECTION 11-11-155 SO AS TO CREATE THE SCHOOL MILLAGE TAX EXEMPTION TRUST FUND (THE SCHOOL TRUST FUND) AND REQUIRE REVENUES OF THE ADDITIONAL SALES AND USE TAX AND ADDITIONAL REVENUE GENERATED BY ELIMINATING OR REVISING SALES TAX EXEMPTIONS AND CAPS TO BE CREDITED TO THIS FUND AND USED FOR THE PURPOSES OF CHAPTER 20 OF TITLE 59; BY ADDING SECTION 12-6-1145 SO AS TO PROVIDE THAT A DEDUCTION IS ALLOWED FROM SOUTH CAROLINA TAXABLE INCOME FOR CASH CONTRIBUTIONS FOR ANY EDUCATIONAL PURPOSE MADE TO A PUBLIC SCHOOL OR TO A SCHOOL DISTRICT OF THE STATE, OR MADE TO THE SCHOOL TRUST FUND; BY AMENDING SECTIONS 12-36-60 AND 12-36-90, BOTH AS AMENDED, RELATING TO THE DEFINITIONS OF "TANGIBLE PERSONAL PROPERTY" AND "GROSS PROCEEDS OF SALES" FOR PURPOSES OF THE IMPOSITION OF THE SALES AND USE TAX AND EXEMPTIONS FROM THE SALES TAX, SO AS TO PROVIDE THAT THE SALE OF SOUTH CAROLINA EDUCATION LOTTERY TICKETS IS A SALE OF TANGIBLE PERSONAL PROPERTY GIVING RISE TO GROSS PROCEEDS OF SALES IN THE AMOUNT OF THE TICKET PRICE AND IS SUBJECT TO THE SALES TAX EXCEPT FOR LOCAL SALES TAXES; BY AMENDING SECTION 12-36-2110, AS AMENDED, RELATING TO THE MAXIMUM SALES, USE, AND CASUAL EXCISE TAX ON VARIOUS ITEMS OF TANGIBLE PERSONAL PROPERTY, INCLUDING MOTOR VEHICLES, SO AS TO RAISE THE MAXIMUM TAX; BY AMENDING SECTION 12-36-2120, AS AMENDED, RELATING TO SALES TAX EXEMPTIONS, SO AS TO DELETE CERTAIN EXEMPTIONS.
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03/31/04	Senate	Introduced and read first time SJ-8
03/31/04	Senate	Referred to Committee on Finance SJ-8