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Indicates Matter Stricken
Indicates New Matter
S. 1254
STATUS INFORMATION
General Bill
Sponsors: Senator Knotts
Document Path: l:\council\bills\ggs\22722htc04.doc
Introduced in the Senate on May 19, 2004
Currently residing in the Senate Committee on Finance
Summary: Revenue forecasting
HISTORY OF LEGISLATIVE ACTIONS
Date Body Action Description with journal page number ------------------------------------------------------------------------------- 5/19/2004 Senate Introduced and read first time SJ-5 5/19/2004 Senate Referred to Committee on Finance SJ-5
View the latest legislative information at the LPITS web site
VERSIONS OF THIS BILL
TO AMEND SECTION 11-9-880, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO REVENUE FORECASTS OF THE BOARD OF ECONOMIC ADVISORS, SO AS TO PROVIDE THAT THE FEBRUARY FIFTEENTH REVENUE FORECAST MAY ONLY BE REDUCED IN ANY ADJUSTED FORECAST.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 11-9-880(A) of the 1976 Code, as last amended by Act 501 of 1992, is further amended to read:
"(A) The Board of Economic Advisors shall make an initial forecast of economic conditions in the State and state revenues for the next fiscal year no later than November tenth of each year. Adjustments to the forecast must be considered on December tenth and January tenth. A final forecast for the next fiscal year must be made on February fifteenth. The February fifteenth forecast may be adjusted monthly if the board determines that changing economic conditions have affected the February fifteenth forecast, but only adjustments reducing the forecast are allowed. Before making or adjusting any forecast, the board must consult with outside economic experts with respect to national and South Carolina economic business conditions. All forecasts and adjusted forecasts must contain:
(1) a brief description of the econometric model and all assumptions and basic decisions underlying the forecasts;
(2) a projection of state revenues on a quarterly basis;
(3) separate discussions of any industry which employs more than twenty percent of the state's total nonagricultural employment and separate projections for these industries."
SECTION 2. This act takes effect July 1, 2004.
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