S 0647 Joint Resolution, By Passailaigue

Similar(S 40)
 A Joint Resolution to provide for the manner in which a refund is made
 pursuant to a claim resulting from the decision of the United States Supreme
 Court in Davis V. Michigan, as that decision may apply to the individual
 income tax laws of this State.

   04/07/93  Senate Introduced and read first time SJ-3
   04/07/93  Senate Referred to Committee on Finance SJ-4

A JOINT RESOLUTION

TO PROVIDE FOR THE MANNER IN WHICH A REFUND IS MADE PURSUANT TO A CLAIM RESULTING FROM THE DECISION OF THE UNITED STATES SUPREME COURT IN DAVIS V. MICHIGAN, AS THAT DECISION MAY APPLY TO THE INDIVIDUAL INCOME TAX LAWS OF THIS STATE.

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

SECTION 1. (A) A taxpayer who is entitled to a refund pursuant to a claim resulting from the decision of the United States Supreme Court in Davis v. Michigan, as that decision may apply to the individual income tax laws of this State, shall receive the refund in accordance with the following procedure: A claim for a refund must be paid or filed in the manner provided by law, and the refunds must be paid in the form of notes in accordance with the provisions of this section. The State shall issue five-year serial bonds pledging the full faith and credit of the State for the amount for which the State is liable and issue to each person for whom the State has a liability a note for the amount owed. The notes must be issued within three months of the effective date of this act. The notes are redeemable in annual installments coinciding with the maturity date of the serial bonds, beginning on the anniversary date of the issuance of the bonds, with annual redemptions thereafter for the remaining four years. These notes shall bear a rate of interest at the time of issuance at seventy-five percent of the prevailing five-year United States Treasury note. The notes are redeemable in annual installments coinciding with the maturity date of the serial bonds beginning on the anniversary date of the issuance of the bonds with annual redemptions for a period not to exceed five years.

(B) A refund must be issued in accordance with the provisions of subsection (A) to the estate of a deceased taxpayer and to a nonresident who is entitled to a refund pursuant to this section.

(C) The provisions of this section apply notwithstanding the provisions of law relating to the payment of income tax refunds.

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