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Indicates Matter Stricken
Indicates New Matter
AMENDED
May 31, 2006
S. 1022
L. Printed 1/31/06--S.
Read the first time January 10, 2006.
TO AMEND SECTION 10 OF ACT 378 OF 2004, RELATED TO THE IMPOSITION OF SALES AND USE TAXES, TO PROVIDE THAT THE PROVISIONS OF ACT 378 AND THE SPECIAL ONE PERCENT SALES AND USE TAX IMPOSED PURSUANT TO ACT 378 EXPIRE AS OF THE FIRST DAY AFTER THE YEAR IN WHICH A STATEWIDE INCREASE IN THE SALES AND USE TAX ABOVE FIVE PERCENT IS IMPLEMENTED OR A STATEWIDE PROVISION PROVIDING SCHOOL MILLAGE AD VALOREM PROPERTY TAX REDUCTIONS TO THE TAXPAYERS OF THE COUNTY IN AN AMOUNT AT LEAST EQUAL TO THE TOTAL TAX CREDIT RELIEF PROVIDED BY ACT 378.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 10 of Act 378 of 2004 is amended to read:
"SECTION 10. The provisions of this act also expire and the special one percent sales and use tax if implemented shall no longer be authorized as of the first day of the year after the year in which the State of South Carolina through the imposition of a statewide increase in the sales and use tax above five percent provides or will provide directly or indirectly school millage ad valorem property tax reductions to the taxpayers of the county as determined by the Department of Revenue at least equal to the total tax credit relief provided to such taxpayers by the provisions of this act."
SECTION 2. This act takes effect upon approval by the Governor.
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