Current Status Introducing Body:Senate Bill Number:450 Primary Sponsor:Leatherman Committee Number:06 Type of Legislation:GB Subject:Catalog sales for schools and colleges Residing Body:Senate Current Committee:Finance Companion Bill Number:3480 Computer Document Number:JMG/1028AC.93 Introduced Date:19930223 Last History Body:Senate Last History Date:19930223 Last History Type:Introduced, read first time, referred to Committee Scope of Legislation:Statewide All Sponsors:Leatherman Mitchell Passailaigue Type of Legislation:General Bill
Bill Body Date Action Description CMN Leg Involved
____ ______ ____________ ______________________________ ___ ____________
450 Senate 19930223 Introduced, read first time, 06
referred to Committee
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TO AMEND SECTION 59-101-360, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE USE OF CERTAIN SALES TAX REVENUES ON CATALOG SALES FOR THE SUPPORT OF HIGHER EDUCATION, SO AS TO PROVIDE THAT FORTY PERCENT OF THESE REVENUES MUST BE USED FOR K-12 PUBLIC SCHOOL CONSTRUCTION NEEDS, FORTY PERCENT FOR HIGHER EDUCATION FORMULA FUNDING, AND TWENTY PERCENT FOR HIGHER EDUCATION TUITION GRANTS, AND TO DELETE REQUIREMENTS FOR ANY FUND REVENUES TO BE CREDITED TO THE EDUCATION IMPROVEMENT ACT OF 1984 FUND.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 59-101-360 of the 1976 Code, as added by Section 35A, Part II, Act 501 of 1992, is amended to read:
"Section 59-101-360. Notwithstanding the provisions of Section 59-21-1010(A), that portion of sales tax revenue derived pursuant to Section 12-36-2620(1) from the tax on catalog sales which exceeds the total of revenue from such sales in fiscal year 1991-92 must be credited by the State Treasurer to the Higher Education Sales Tax Fund, which is separate and distinct from the general fund of the State. Revenues in this fund as appropriated in the 1992-93 General Appropriations Act and as thereafter annually appropriated after June 30, 1993, must be distributed as follows:
(1) forty percent for K-12 public school construction needs in accordance with Chapter 20 of this title;
(2) forty percent pursuant to formula funding for higher education and which may not be used to supplant general fund appropriations for higher education, except that twenty percent of fund revenues must be credited to the Education Improvement Act of 1984 Fund,; and except that ten
(3) twenty percent of fund revenues, not exceeding fifteen million dollars in one fiscal year, must be appropriated for the Higher Education Tuition Grants Program pursuant to Chapter 113 of Title 59 this title."
SECTION 2. This act takes effect July 1, 1993.