H 4347(Rat #0200)  General Bill, By Cooper and White

Similar(S 905, H 4583)
 AN ACT TO AMEND SECTION 2-7-71, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING
 TO TAX BILLS AND REVENUE IMPACT STATEMENTS, SO AS TO PROVIDE THAT THE REVENUE
 IMPACT STATEMENT MUST BE SIGNED BY THE CHIEF ECONOMIST OF THE OFFICE OF
 RESEARCH AND STATISTICS OF THE STATE BUDGET AND CONTROL BOARD; AND TO AMEND
 SECTION 2-7-78, RELATING TO THE CERTIFICATION OF A REVENUE IMPACT OF A
 PROVISION FOR PURPOSES OF ITS INCLUSION IN THE ANNUAL GENERAL APPROPRIATIONS
 BILL AND CHANGES IN THE OFFICIAL REVENUE ESTIMATE, SO AS TO PROVIDE THAT THE
 REVENUE IMPACTS MUST BE CERTIFIED BY THE CHIEF ECONOMIST OF THE OFFICE OF
 RESEARCH AND STATISTICS AND THAT THE BOARD OF ECONOMIC ADVISORS SHALL ADJUST
 ITS ESTIMATES TO REFLECT THESE CERTIFICATIONS AND MAKE OTHER ADJUSTMENTS IT
 CONSIDERS NECESSARY IN THE FINAL VERSION OF THE ANNUAL GENERAL APPROPRIATIONS
 BILL. - ratified title

   01/14/10  House  Introduced and read first time HJ-554
   01/14/10  House  Referred to Committee on Ways and Means HJ-554
   03/23/10  House  Recalled from Committee on Ways and Means HJ-56
   03/24/10  House  Read second time HJ-12
   03/25/10  House  Read third time and sent to Senate HJ-31
   03/25/10  Senate Introduced and read first time SJ-8
   03/25/10  Senate Referred to Committee on Finance SJ-8
   04/14/10  Senate Committee report: Favorable Finance SJ-16
   04/20/10  Senate Read third time and enrolled SJ-9
   05/06/10         Ratified R 200
   05/12/10         Vetoed by Governor
   05/19/10  House  Veto sustained Yeas-72  Nays-39 HJ-49
   05/19/10  House  Motion noted- Rep. Parker moved to reconsider the
                     vote whereby the veto was sustained
   05/26/10  House  Reconsidered HJ-36
   05/26/10  House  Veto sustained Yeas-73  Nays-37 HJ-36

NOTE: THIS COPY IS A TEMPORARY VERSION. THIS DOCUMENT WILL REMAIN IN THIS VERSION UNTIL PUBLISHED IN THE ADVANCE SHEETS TO THE ACTS AND JOINT RESOLUTIONS. WHEN THIS DOCUMENT IS PUBLISHED IN THE ADVANCE SHEET, THIS NOTE WILL BE REMOVED.

(R200, H4347)

AN ACT TO AMEND SECTION 2-7-71, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO TAX BILLS AND REVENUE IMPACT STATEMENTS, SO AS TO PROVIDE THAT THE REVENUE IMPACT STATEMENT MUST BE SIGNED BY THE CHIEF ECONOMIST OF THE OFFICE OF RESEARCH AND STATISTICS OF THE STATE BUDGET AND CONTROL BOARD; AND TO AMEND SECTION 2-7-78, RELATING TO THE CERTIFICATION OF A REVENUE IMPACT OF A PROVISION FOR PURPOSES OF ITS INCLUSION IN THE ANNUAL GENERAL APPROPRIATIONS BILL AND CHANGES IN THE OFFICIAL REVENUE ESTIMATE, SO AS TO PROVIDE THAT THE REVENUE IMPACTS MUST BE CERTIFIED BY THE CHIEF ECONOMIST OF THE OFFICE OF RESEARCH AND STATISTICS AND THAT THE BOARD OF ECONOMIC ADVISORS SHALL ADJUST ITS ESTIMATES TO REFLECT THESE CERTIFICATIONS AND MAKE OTHER ADJUSTMENTS IT CONSIDERS NECESSARY IN THE FINAL VERSION OF THE ANNUAL GENERAL APPROPRIATIONS BILL.

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

Revenue impact statement to be signed by chief economist

SECTION    1.    Section 2-7-71 of the 1976 Code is amended to read:

"Section 2-7-71.    When a bill relating to state taxes is reported out of a standing committee of the Senate or House of Representatives for consideration, there must be attached and printed as a part of the committee report a statement of the estimated revenue impact of the bill on the finances of the State signed by the Chief Economist of the Office of Research and Statistics of the State Budget and Control Board. As used in this section 'statement of estimated revenue impact' means the estimate of the person executing the required statement as to the increase or decrease in the net tax revenue to the State if the bill concerned is enacted by the General Assembly. In preparing a statement, the Chief Economist may request technical advice of the Department of Revenue."

Appropriations bill, revenue impacts, adjustments

SECTION    2.    Section 2-7-78 of the 1976 Code is amended to read:

"Section 2-7-78.    This section applies to the annual appropriation recommendation of the Governor and to the report of the conference committee on the annual general appropriations bill. A provision offered for inclusion in the annual general appropriations bill by amendment or otherwise, by the Governor, or which increases or decreases the most recent official projection of general fund revenues of the Board of Economic Advisors must not be included in the bill or recommendation unless the revenue impact is certified by the Chief Economist of the Office of Research and Statistics of the State Budget and Control Board. Changes to the official general fund revenue estimate as a result of the provision may not exceed the amounts certified by the Chief Economist. The Board of Economic Advisors shall adjust its revenue estimate to reflect amounts certified and any other adjustments it considers necessary before the preparation of the final version of the annual general appropriations bill to be adopted in both houses of the General Assembly. The requirements of this section are in addition to the other provisions of law regarding fiscal impact statements."

Time effective

SECTION    3.    This act takes effect upon approval by the Governor.

Ratified the 6th day of May, 2010.

__________________________________________

President of the Senate

___________________________________________

Speaker of the House of Representatives

Approved the ____________ day of _____________________2010.

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Governor