H*5418(Rat #0328, Act #0287 of 2012)  Joint Resolution, By White, Harrell, 
Lucas, Bingham, Herbkersman, Limehouse, Merrill, Pitts, Simrill, G.M. Smith, 
G.R. Smith, Clyburn and Ott

Similar(H 5435)
 A JOINT RESOLUTION TO PROVIDE FOR THE CONTINUING AUTHORITY TO PAY THE EXPENSES
 OF STATE GOVERNMENT IF THE 2012-2013 FISCAL YEAR BEGINS WITHOUT A GENERAL
 APPROPRIATIONS ACT FOR THAT YEAR IN EFFECT, AND TO PROVIDE EXCEPTIONS; AND TO
 AMEND SECTION 12-6-545, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976,
 RELATING TO INCOME TAX RATES FOR PASS-THROUGH TRADE AND BUSINESS INCOME, SO AS
 TO REDUCE THE TAX RATE FROM FIVE PERCENT TO THREE PERCENT OVER THREE YEARS. -
 ratified title

   06/19/12  House  Introduced, read first time, placed on calendar
                     without reference (House Journal-page 93)
   06/20/12  House  Read second time (House Journal-page 3)
   06/20/12  House  Roll call Yeas-95  Nays-11 (House Journal-page 3)
   06/21/12  House  Read third time and sent to Senate
   06/21/12  Senate Introduced and read first time
   06/21/12  Senate Referred to Committee on Finance
   06/21/12  Senate Recalled from Committee on Finance
                     (Senate Journal-page 97)
   06/25/12  Senate Read second time (Senate Journal-page 26)
   06/25/12  Senate Roll call Ayes-35  Nays-2 (Senate Journal-page 26)
   06/28/12         Scrivener's error corrected
   06/28/12  Senate Amended (Senate Journal-page 21)
   06/28/12  Senate Read third time and returned to House with
                     amendments (Senate Journal-page 21)
   06/28/12  Senate Roll call Ayes-30  Nays-2 (Senate Journal-page 21)
   06/28/12  House  Concurred in Senate amendment and enrolled
   06/28/12  House  Roll call Yeas-95  Nays-0
   06/28/12         Ratified R 328
   06/28/12         Signed By Governor
   07/17/12         Effective date See Act for Effective Date
   07/17/12         Act No. 287

H. 5418

(A287, R328, H5418)

A JOINT RESOLUTION TO PROVIDE FOR THE CONTINUING AUTHORITY TO PAY THE EXPENSES OF STATE GOVERNMENT IF THE 2012-2013 FISCAL YEAR BEGINS WITHOUT A GENERAL APPROPRIATIONS ACT FOR THAT YEAR IN EFFECT, AND TO PROVIDE EXCEPTIONS; AND TO AMEND SECTION 12-6-545, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO INCOME TAX RATES FOR PASS-THROUGH TRADE AND BUSINESS INCOME, SO AS TO REDUCE THE TAX RATE FROM FIVE PERCENT TO THREE PERCENT OVER THREE YEARS.

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

Continuing authority to pay government expenses

SECTION    1.    (A)    If the 2012-2013 state fiscal year begins with no annual general appropriations act in effect for that year, the authority to pay the recurring expenses of state government continues at the level of amounts appropriated in Act 73 of 2011 for the recurring expenses of state government for Fiscal Year 2012-2013 except as provided in subsection (B).

The effective dates of Parts IA and IB of Act 73 of 2011 are extended until the effective date for appropriations made in a general appropriations act for Fiscal Year 2012-2013, after which appropriations made pursuant to this joint resolution are deemed to have been made pursuant to the general appropriations act for Fiscal Year 2012-2013.

(B)    Notwithstanding debt service appropriations in Act 73 of 2011 and until the effective date of the appropriations made in a general appropriations act for Fiscal Year 2012-2013, there is appropriated from the general fund of the State whatever amount is necessary for timely debt service on state obligations and other amounts constitutionally required to be appropriated, including the Capital Reserve Fund. The General Reserve Fund is established in the amount required by law.

Reduction of income tax rates for pass-through trade and business income

SECTION    2.    Section 12-6-545(B)(2)    of the 1976 Code is amended read:

"(2)    The rate of the income tax imposed pursuant to this subsection is:

Taxable Year Beginning in    Rate of Tax

2006                                6.5 percent

2007                                6 percent

2008                                 5.5 percent

2008 through 2011        5 percent

2012                                4.33 percent

2013                                3.67 percent

after 2013                                3 percent."

Time effective

SECTION    3.    SECTION 1 of this joint resolution takes effect July 1, 2012 and applies as provided in SECTION 1. SECTION 2 takes effect upon approval of the Governor.

Ratified the 28th day of June, 2012.

Approved the 28th day of June, 2012.