S 1032 General Bill, By Elliott
 A BILL TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION
 11-11-190 SO AS TO REQUIRE, BEGINNING FOR FISCAL YEAR 2004-2005, FIFTY PERCENT
 OF ANNUAL GENERAL FUND REVENUE GROWTH TO BE USED TO REDUCE THE STATE INCOME
 TAX, TO LIMIT ANNUAL GROWTH IN GENERAL FUND APPROPRIATIONS TO THREE PERCENT,
 AND TO PROVIDE FOR THE USE OF SURPLUS REVENUE CREATED BY THIS LIMITATION ON
 APPROPRIATIONS FOR SCHOOL CONSTRUCTION AND OTHER NONRECURRING PROJECTS AS THE
 GENERAL ASSEMBLY MAY DETERMINE.

   03/04/04  Senate Introduced and read first time SJ-3
   03/04/04  Senate Referred to Committee on Finance SJ-3

TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 11-11-190 SO AS TO REQUIRE, BEGINNING FOR FISCAL YEAR 2004-2005, FIFTY PERCENT OF ANNUAL GENERAL FUND REVENUE GROWTH TO BE USED TO REDUCE THE STATE INCOME TAX, TO LIMIT ANNUAL GROWTH IN GENERAL FUND APPROPRIATIONS TO THREE PERCENT, AND TO PROVIDE FOR THE USE OF SURPLUS REVENUE CREATED BY THIS LIMITATION ON APPROPRIATIONS FOR SCHOOL CONSTRUCTION AND OTHER NONRECURRING PROJECTS AS THE GENERAL ASSEMBLY MAY DETERMINE.

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

SECTION    1.    Article 1, Chapter 11, Title 11 of the 1976 Code is amended by adding:

"Section 11-11-190.    (A)    Notwithstanding any other provision of law, one-half of estimated recurring annual general fund revenue growth must be used to offset state individual income tax reductions that the General Assembly shall provide by law.

(B)    After providing the income tax reductions provided in subsection (A), and in addition to all other constitutional and statutory limits on appropriations, total general fund appropriations for a fiscal year, not including the appropriation of nonrecurring revenues, may not exceed the total of such appropriations in the preceding fiscal year by more than three percent.

(C)    Estimated general fund revenues not available for appropriation pursuant to subsections (A) and (B) of this section must be appropriated by the General Assembly for school construction and for such other nonrecurring purposes as the General Assembly may provide."

SECTION    2.    This act takes effect upon approval by the Governor and first applies for fiscal year 2004-2005.