H 4325 General Bill, By Kirsh
 A BILL TO AMEND SECTION 11-9-890, CODE OF LAWS OF SOUTH CAROLINA, 1976,
 RELATING TO REVENUE ESTIMATES BY THE BOARD OF ECONOMIC ADVISORS AND ACTIONS
 REQUIRED BY THE STATE BUDGET AND CONTROL BOARD TO AVOID YEAR-END DEFICITS, SO
 AS TO REVISE THE CRITERIA WHICH REQUIRES THE STATE BUDGET AND CONTROL BOARD TO
 TAKE THIS ACTION.

   01/13/10  House  Introduced and read first time HJ-43
   01/13/10  House  Referred to Committee on Ways and Means HJ-43

TO AMEND SECTION 11-9-890, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO REVENUE ESTIMATES BY THE BOARD OF ECONOMIC ADVISORS AND ACTIONS REQUIRED BY THE STATE BUDGET AND CONTROL BOARD TO AVOID YEAR-END DEFICITS, SO AS TO REVISE THE CRITERIA WHICH REQUIRES THE STATE BUDGET AND CONTROL BOARD TO TAKE THIS ACTION.

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

SECTION    1.    Section 11-9-890 of the 1976 Code is amended to read:

"Section 11-9-890.    A. (A)    Beginning August 15, 1986, the Board of Economic Advisors shall delineate the official fiscal year 1986-87 revenue estimates by quarters. In all subsequent revenue estimates made under the provisions of Section 11-9-880, the Board of Economic Advisors shall incorporate quarterly revenue estimates within the annual revenue estimate.

B. (B)    If at the end of the first, or second, or third quarter of any fiscal year quarterly revenue collections are four two percent or more below the amount projected for that quarter by the Board of Economic Advisors, the State Budget and Control Board, within fifteen days of that determination, shall take action to avoid a year-end deficit."

SECTION    2.    This act takes effect upon approval by the Governor and applies with respect to fiscal year 2010-2011 and thereafter.