S 1371 General Bill, By J.V. Smith
 A Bill to amend the Code of Laws of South Carolina, 1976, by adding Section
 12-7-2418 so as to provide a designation on income tax forms to enable a
 taxpayer to contribute to the South Carolina State House Trust Fund and to
 provide for the creation and administration of the South Carolina State House
 Trust Fund.

   04/19/94  Senate Introduced, read first time, placed on calendar
                     without reference SJ-6
   04/19/94  Senate Unanimous consent for second reading on next
                     legislative day SJ-6
   04/20/94  Senate Read second time SJ-15
   04/20/94  Senate Ordered to third reading with notice of
                     amendments SJ-15
   04/21/94  Senate Read third time and sent to House SJ-37
   04/26/94  House  Introduced and read first time HJ-7
   04/26/94  House  Referred to Committee on Ways and Means HJ-8

April 19, 1994

S. 1371

S. Printed 4/19/94--S.

Read the first time April 19, 1994.

A BILL

TO AMEND THE 1976 CODE, BY ADDING SECTION 12-7-2418 SO AS TO PROVIDE A DESIGNATION ON INCOME TAX FORMS TO ENABLE A TAXPAYER TO CONTRIBUTE TO THE SOUTH CAROLINA STATE HOUSE TRUST FUND AND TO PROVIDE FOR THE CREATION AND ADMINISTRATION OF THE SOUTH CAROLINA STATE HOUSE TRUST FUND.

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

SECTION 1. Article 21 of Chapter 7 of Title 12 of the 1976 Code is amended by adding:

"Section 12-7-2418. (A) Each taxpayer required to file a state income tax return who desires to contribute to the South Carolina State House Trust Fund may designate the contribution on the appropriate state income tax form. The contribution may not increase or decrease the income tax liability of the taxpayer, and may be made by reducing the income tax refund of the taxpayer by the amount designated or by accepting additional payment from the taxpayer by the amount designated, whichever is appropriate.

(B) All South Carolina income tax return forms must contain a designation for a contribution to the South Carolina State House Trust Fund. The instructions accompanying the income tax form shall contain a description of the purposes for which the South Carolina State House Trust Fund was established and the use of monies from the income tax contribution.

(C) Taxpayers who are entitled to refunds shall have the refunds reduced by the amount designated pursuant to subsection (B). The Department shall determine annually the total amount so designated, plus the amount received in excess payments so designated and shall report the total amount to the State Treasurer. The State Treasurer shall credit the total amount to the South Carolina State House Trust Fund established in subsection (D).

(D)(1) There is established a special fund to be known as the "South Carolina State House Trust Fund" which shall consist of all monies transferred to it under this section, donations to the South Carolina State House Trust Fund, and all interest earned thereon.

(2) All balances in the State House Trust Fund must be carried forward each year so that no part thereof reverts to the general fund of the State.

(3) Subject to the approval of the State House Committee, monies held in the State House Trust Fund may be expended in furtherance of projects and programs for improvements, enhancements, alterations or additions to the State House, State House grounds and the Capitol Complex.

(4) Any monies made available from the revenues produced by this contribution are supplemental and are in no way intended to take the place of funding that would otherwise be appropriated for these purposes.

(E) The incremental cost of administration of the contribution must be paid out of the fund provided in subsection (D) of this section, upon warrants drawn by the Department upon the State Treasurer. (F) The State Treasurer shall make a report to the General Assembly as soon as practicable after the beginning of the session each year, which shall include the amount of revenue produced by the contributions and a detailed accounting of expenditures from the South Carolina State House Trust Fund."

SECTION 2. (A) The provisions of this act are applicable to tax years beginning on or after January 1, 1994.

(B) This act takes effect upon approval by the Governor.