S 0499 General Bill, By Reese
 A BILL TO AMEND SECTION 6-1-730, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA,
 1976, RELATING TO THE USE OF LOCAL HOSPITALITY TAX REVENUE, SO AS TO ALLOW THE
 REVENUE GENERATED AFTER FIVE YEARS TO BE USED FOR ANY PURPOSE APPROVED BY THE
 GOVERNING BODY.

   03/04/15  Senate Introduced and read first time (Senate Journal-page 3)
   03/04/15  Senate Referred to Committee on Finance
                     (Senate Journal-page 3)

TO AMEND SECTION 6-1-730, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE USE OF LOCAL HOSPITALITY TAX REVENUE, SO AS TO ALLOW THE REVENUE GENERATED AFTER FIVE YEARS TO BE USED FOR ANY PURPOSE APPROVED BY THE GOVERNING BODY.

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

SECTION    1.    Section 6-1-730 of the 1976 Code, as last amended by Act 290 of 2010, is further amended by adding a subsection at the end to read:

"(C)    Once the hospitality tax has been imposed in the county or municipality for at least five years, an amount not to exceed fifty percent of revenue in the preceding fiscal year of the hospitality tax authorized in this article may be used for any purpose approved by the applicable governing body."

SECTION    2.    This act takes effect upon approval by the Governor.