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TO PROVIDE THAT REVENUES OF THE CAPITAL RESERVE FUND FOR FISCAL YEAR 2012-2013 TO THE EXTENT NOT APPROPRIATED FOR INFRASTRUCTURE NEEDS MUST BE USED TO OFFSET THE GENERAL FUND REVENUES NOT COLLECTED BECAUSE OF A ONE TIME SMALL BUSINESS TAX REDUCTION WHICH MUST BE ENACTED BY THE GENERAL ASSEMBLY IN ITS 2013 REGULAR SESSION.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Notwithstanding any other provision of law, the revenues of the Capital Reserve Fund for Fiscal Year 2012-2013 not appropriated for infrastructure needs must be appropriated to offset general fund revenues not collected attributable to a one time small business state income tax reduction for taxable year 2013 which must be enacted by the General Assembly in its 2013 regular session.
SECTION 2. This joint resolution takes effect upon approval by the Governor.
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