S 0318 General Bill, By Drummond, Martin and Ryberg
 A BILL TO AMEND ARTICLE 20, CHAPTER 21, TITLE 12, CODE OF LAWS OF SOUTH
 CAROLINA, 1976, RELATING TO REGULATION OF VIDEO GAME MACHINES, BY ADDING
 SECTION 12-21-2777 SO AS TO IMPOSE A FIFTY PERCENT TAX ON NET INCOME FROM
 LICENSED MACHINES, TO PROVIDE FOR THE PROCESS FOR ENFORCEMENT AND COLLECTION
 OF THE TAX, AND TO PROVIDE THAT FUNDS RAISED FROM THE TAX BE CREDITED TO THE
 CHILDREN'S EDUCATION ENDOWMENT.

   02/05/97  Senate Introduced and read first time SJ-5
   02/05/97  Senate Referred to Committee on Finance SJ-5

A BILL

TO AMEND ARTICLE 20, CHAPTER 21, TITLE 12, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO REGULATION OF VIDEO GAME MACHINES, BY ADDING SECTION 12-21-2777 SO AS TO IMPOSE A FIFTY PERCENT TAX ON NET INCOME FROM LICENSED MACHINES, TO PROVIDE FOR THE PROCESS FOR ENFORCEMENT AND COLLECTION OF THE TAX, AND TO PROVIDE THAT FUNDS RAISED FROM THE TAX BE CREDITED TO THE CHILDREN'S EDUCATION ENDOWMENT.

Be it enacted by the General Assembly of the State of South Carolina:

SECTION 1. Article 20, Chapter 21, Title 12 of the 1976 Code is amended by adding:

"Section 12-21-2777. (A) A tax at the rate of fifty percent is imposed on the net income derived from a machine licensed pursuant to Section 12-21-2720(A).

(B) The tax is due and payable on a monthly basis, on or before the twentieth day of the month, and the person liable for the tax on the due date shall make a return to the department, in a form it prescribes, showing the total cash in, total payout, and net machine income for the previous month, and remit the tax with it.

(C) The person making the report required pursuant to Section 12-21-2776(B) is liable for the tax.

(D) Enforcement and collection of this tax are as provided in Chapter 54 of this title. The tax must be credited to the Children's Education Endowment as provided in Chapter 143 of Title 59."

SECTION 2. This act takes effect July 1, 1997.