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TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 12-62-110 SO AS TO PROVIDE THAT COMMITTED AND UNCOMMITTED FUNDS FROM THE PRIOR YEAR MUST BE CARRIED OVER FOR THE SAME PURPOSE, AND TO REMOVE THE DISTINCTION OF REBATES SHOULD ONE FUND BE DEPLETED IN ANY FISCAL YEAR.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Chapter 62, Title 12 of the 1976 Code is amended by adding:
"Section 12-62-110. (A) From the funds set aside pursuant to this chapter, any funds committed to film projects and any uncommitted funds must be carried forward from the prior fiscal year and must be used by the department for the same purpose. The funds must be placed in a separate and distinct fund before July thirtieth of the current fiscal year, and the interest accrued by the fund must remain in the fund.
(B) From the funds authorized to the department for use pursuant to the provisions in this article, should either the wage rebate source of funds or the supplier rebate source of funds be depleted in a fiscal year, the department may use either rebate source of funds for the purpose of awarding either wage or supplier rebates."
SECTION 2. This act takes effect upon approval by the Governor.
This web page was last updated on January 12, 2017 at 10:17 AM