H. Section 12-7-1510(1) of the 1976 Code is amended to read:
"(1) (a) Every individual having for the taxable year a
gross income of the exemption amount or more, except that a return
is not required of an individual, other than an individual referred
to in subitem (c):
(i) who is not married, is not a surviving spouse, is not a
head of household, and for the taxable year has a gross income of
less than the sum of the exemption amount plus the basic standard
deduction applicable to such an individual,
(ii) who is head of household and for the taxable year has
gross income of less than the sum of the exemption amount plus the
basic standard deduction applicable for such individual,
(iii) who is a surviving spouse and for the taxable year has
a gross income of less than the sum of the exemption amount plus
the basic standard deduction applicable to such an individual, or
(iv) who makes a joint return and whose gross income, when
combined with the gross income of his spouse, is, for the taxable
year, less than the sum of twice the exemption amount plus the
basic standard deduction applicable to a joint return, but only if
the individual and his spouse, at the close of the taxable year,
had the same household as their home.
Clause (iv) does not apply if for the taxable year the spouse makes
a separate return or any other taxpayer is entitled to an exemption
for the spouse.
(b) The amount specified in clause (i), (ii), or (iii) of
subitem (a) must be increased by the exemption amount of one
additional standard deduction (within the meaning of Internal
Revenue Code Section 63(c)(3)) in the case of an individual
entitled to such deduction by reason of Internal Revenue Code
Section 63(f)(1)(A) (relating to individuals age sixty-five or
more), and the amount specified in clause (iv) of subitem (a) must
be increased by the amount of the additional standard deduction for
each additional standard deduction to which the individual or his
spouse is entitled by reason of Internal Revenue Code Section
63(f)(1).
(c) The exception under subitem (a) does not apply to:
(i) a nonresident individual;
(ii) an individual making a return under Internal Revenue
Code Section 443(a)(1) for a period of less than twelve months on
account of a change in his annual accounting period;
(iii) an individual described in Internal Revenue Code
Section 63(c)(5) and who has income, other than earned income, in
excess of the amount in effect under Internal Revenue Code Section
63(c)(5)(A), or who has total gross income in excess of the
standard deduction;
(iv) an individual for whom the standard deduction is zero;
or
(v) an estate or trust.
(d) For purposes of this item:
(i) The term 'basic standard deduction' has the meaning
given to that term by Internal Revenue Code Section 63(c).
(ii) The term 'exemption amount' has the meaning given to
that term by Internal Revenue Code Section 151(d). In the case of
an individual described in Internal Revenue Code Section 151(d)(2),
the exemption amount is zero."
I. (1) Chapter 7 of Title 12 of the 1976 Code is amended by
adding:
"Article 10
Income Tax Credits
Section 12-7-1210. (A) In the case of married individuals filing
a joint return under Section 12-7-440 for the taxable year, there
is allowed as a credit against South Carolina income tax due an
amount equal to seven-tenths of one percent of the lesser of
(1) thirty thousand dollars, or
(2) the qualified earned income of the spouse with the lower
qualified earned income for the taxable year.
(B) (1) For purposes of this section, the term 'qualified
earned income' means an amount equal to the excess of
(a) the earned income of the spouse for the taxable year,
over
(b) an amount equal to the sum of the deductions described
in paragraphs (1), (2), (6), (7), and (12) of Internal Revenue Code
Section 62 to the extent the deductions are properly allocable to
or chargeable against earned income described in subitem (a).
(2) For purposes of item (1), the term 'earned income' means
income which is earned income within the meaning of Internal
Revenue Code Sections 911(d)(2) or 401(c)(2)(C), except that
(a) the term does not include any amount
(i) not includible in gross income,
(ii) received as a pension or annuity,
(iii) paid or distributed out of an individual retirement
plan (within the meaning of Internal Revenue Code Section
7701(a)(37),
(iv) received as deferred compensation, or
(v) received for services performed by an individual in
the employ of his spouse within the meaning of Internal Revenue
Code Section 3121(b)(3)(A), and
(b) Internal Revenue Code Section 911(d)(2)(B) must be
applied without regard to the phrase 'not in excess of thirty
percent of his share of net profits of such trade or business'.
(C) No credit is allowed under this section for any taxable year
if either spouse claims the benefits of Internal Revenue Code
Sections 911 or 931 for the taxable year.
(D) Married individuals filing a nonresident return for the
applicable taxable year are not eligible for the credit allowed
pursuant to this section."
(2) The following sections of the 1976 Code are redesignated and
included in Article 10, Chapter 7 of Title 12 of the 1976 Code:
(1) Section 12-7-615 is redesignated Section 12-7-1215.
(2) Section 12-7-616 is redesignated Section 12-7-1220.
(3) Section 12-7-617 is redesignated Section 12-7-1225.
(4) Section 12-7-618 is redesignated Section 12-7-1230.
(5) Section 12-7-619 is redesignated Section 12-7-1235.
(6) Section 12-7-2410 is redesignated Section 12-7-1240.
J. Section 12-7-2260 of the 1976 Code is amended to read:
"Section 12-7-2260. The commission shall, as soon as
practicable in each year, prepare a list for each county containing
the name and last known address of each person in each county whose
income tax refund check during any preceding year has been returned
for the reason of unknown or insufficient address. Each list must
be posted on the courthouse door in its corresponding county and
otherwise made available to public inspection in the manner the
commission determines. Any refund check remaining unclaimed for a
period of at least three months from the date of posting may be
voided. A refund check so voided must be reissued upon application
by the taxpayer prior to the expiration of three years from the
date of posting. The action taken pursuant to the authority
contained in this section may not be considered in violation of
Section 12-7-1680."
K. Section 12-9-110 of the 1976 Code is amended to read:
"Section 12-9-110. An employee receiving wages is on any
day entitled to withholding exemptions in an amount not to exceed
the lesser of those allowed pursuant to Internal Revenue Code
Section 3402 or those actually claimed for purposes of federal
income tax withholding."
L. Section 12-13-20 of the 1976 Code, as amended by Act 422 of
1986, is further amended to read:
"Section 12-13-20. The term 'net income', as used in this
chapter, means taxable income as determined for a regular
corporation in Chapter 7 of this title after deducting all earnings
accrued, paid, credited, or set aside for the benefit of holders of
savings or investment accounts, any additions to reserves which are
required by law, regulation, or direction of appropriate
supervisory agencies, and a bad debt deduction. The bad debt
deduction allowable for South Carolina income tax purposes is the
amount determined under the Internal Revenue Code and the
applicable regulations as amended through December 31, 1986. No
deductions from income are allowed for any additions to undivided
profits or surplus accounts other than herein required, and for the
purposes of this chapter, a state-organized association is allowed
the same deductions for bad debt reserves as those allowed to
federally organized associations. Associations shall maintain the
bad debt reserves allowed as a deduction pursuant to this section
in accordance with the provisions of the Internal Revenue Code as
amended through December 31, 1986, and shall keep a permanent
record. These provisions are controlling notwithstanding any other
provision of law."
M. Section 12-13-30 of the 1976 Code is amended to read:
"Section 12-13-30. Every association located or doing
business within this State shall pay an income tax measured by its
net income from all sources, except for income from municipal,
state, or federal bonds or securities exempted by law from the tax.
The tax is six percent of the net income."
N. (1) Article 5, Chapter 35, Title 12 of the 1976 Code is
amended by adding:
"Section 12-35-555. The sale in this State of new or used
motor vehicles as defined in Section 56-1-10 to a resident of
another state is taxable for purposes of this article in an amount
equal to the sales tax which would be imposed on the sale in the
purchaser's state of residence. The tax on the sale may not exceed
the tax that would otherwise be imposed under this article. At the
time of the sale the purchaser shall execute a notarized statement
of his intent to license the vehicle in his state of residence
within ten days from the date of purchase, and:
(a) pay the sales tax due as modified by this section to the
dealer making the sale;
(b) furnish the seller with a signed copy of the notarized
statement which the seller retains in his records;
(c) submit the notarized statement to the appropriate sales tax
collection agency in his state of residence."
(2) Article 7, Chapter 35, Title 12 of the 1976 Code is amended
by adding:
"Section 12-35-815. When a taxpayer is liable for the use
tax imposed by this article on tangible personal property purchased
in another state upon which a sales tax was paid in the other
state, the amount of the sales tax is allowed as a credit against
the use tax due this State, upon proof of payment of the sales tax,
if the state in which the property was purchased allows
substantially similar tax credits on tangible personal property
purchased in this State. If the amount of the sales tax paid in
the other state is less than the amount of use tax imposed by this
article, the user shall pay the difference to the Commission."
(3) Section 12-35-550 of the 1976 Code, as last amended by an
act of 1987 bearing Ratification number 37, is further amended by
deleting item (24).
O. (1) Chapter 54 of Title 12 of the 1976 Code is amended by
adding:
"Section 12-54-45. (A) Any individual required to supply
information to his employer under Section 12-9-110 who wilfully
supplies false or fraudulent information, or who wilfully fails to
supply information thereunder which would require and increase in
the tax withheld under Section 12-9-110, is guilty of a
misdemeanor, and upon conviction must be fined not more than one
thousand dollars, or imprisoned not more than one year or
both."
(2) Chapter 54 of Title 12 of the 1976 Code is amended by
adding:
"Section 12-54-55. In the case of any underpayment of
declaration of estimated tax by an individual, estate, trust, or
corporate taxpayer, in lieu of all other penalties provided by law,
there must be added to the tax for the taxable year an amount of
interest as provided under Section 12-54-20 to be determined as
follows:
(1) In the case of an individual taxpayer, estate, or trust in
the same manner as prescribed by the provisions of Internal Revenue
Code Section 6654, and applicable regulations, except that under
Internal Revenue Code Section 6654 (e)(1) one hundred dollars
applies rather than five hundred dollars.
(2) In the case of a corporate taxpayer, in the same manner as
prescribed by the provisions of Internal Revenue Code Section 6655,
and applicable regulations."
(3) Section 12-54-20 of the 1976 Code is amended to read:
"Section 12-54-20. Any person who fails to remit the tax
due or additional tax as provided by law must be charged interest
at the rate established by the commission in the same manner and at
the same time as the underpayment rate prescribed by the Internal
Revenue Code. Interest must be calculated on the full amount of
tax or portion thereof, exclusive of penalties from the time the
tax or additional tax was due until paid in its entirety. The
provisions of this section apply to all taxes levied or assessed by
the commission."
(4) Section 12-54-70(b) of the 1976 Code is amended to read:
"(b) If the amount remitted with the tentative return fails
to reflect at least ninety percent of the tax to be paid for the
period granted by the extension, a penalty as provided in item
(b)(2)(a) of Section 12-54-40 must be imposed from the date the tax
was originally due, on the difference between the amount remitted
and the tax to be paid for the period."
P. Subsections (b), (c), (e), (g), (h), (k), and (l) of Section
12 of Act 101 of 1985, as amended by Act 414 of 1986, are
respectively amended to read:
"(b) Sections 22 through 53, 515, 853, 901 through 908, and
960 relating to tax credits.
(c) Sections 55 through 59 relating to minimum taxes.
(e) Sections 72(m)(5)(B), 72(f), 72(o), 72(q), and 72(t)
relating to penalty taxes on certain retirement plan distributions.
(g) Sections 531 through 564 relating to certain special taxes
on corporations.
(h) Sections 581, 582, and 585 through 596 relating to the
taxation of banking institutions.
(k) Sections 861 through 908, 912, and 931 through 989 relating
to the taxation of foreign income.
(l) reserved".
Q. Sections 12-7-706, 12-7-707, 12-7-708, and 12-7-709 of the
1976 Code are repealed.
R. Notwithstanding the provisions of Section 22 of Act 101 of
1985, as amended, the South Carolina Income Tax Federal Conforming
Amendments of 1985, nothing prevents the assessment and collection
of taxes imposed pursuant to Chapter 7 of Title 12 of the 1976
Code, the Income Tax Act of 1926, as it existed prior to the
enactment of Act 101 of 1985 until the expiration of the period of
limitations on assessment and collections as provided in that
chapter.
S. (1) The South Carolina Tax Commission may reinstate, upon
good cause shown, the exemption allowed by Section 12-37-450 of the
1976 Code lost by a taxpayer who fails to make a timely return as
required by Section 12-37-970 of the 1976 Code if the taxpayer
applies to the commission for reinstatement of the exemption before
October 1, 1987.
(2) Item (1) of this subsection applies with respect to
taxpayers having an accounting period
ending after January 30, 1986.
T. For purposes of conforming the provisions of Chapter 7 of
Title 12 of the 1976 Code to the applicable provisions of the
Internal Revenue Code of 1986 and any other applicable revenue laws
of the United States, the applicable effective dates contained in
Public Law 99-514, the Tax Reform Act of 1986, and any other
applicable revenue laws, are similarly applicable in determining
gross, adjusted gross, and taxable income of a taxpayer in the
appropriate taxable year for purposes of the tax imposed by Chapter
7 of Title 12 of the 1976 Code.
U. Upon approval by the Governor, this section is effective for
taxable years beginning after December 31, 1986, except:
(1) Subsection T of this section is effective for taxable years
beginning after 1984.
(2) Subsection D of this section is effective for taxable years
beginning after December 31, 1987.
(3) Subsection G(1) of this section is effective for taxable
years beginning after December 31, 1984.
(4) Subsection G(2) of this section is effective as provided in
Section 632(a) of Public Law 99-514, the Tax Reform Act of 1986.
(5) Subsection N of this section is effective for sales after
December 31, 1987.
(6) The amendment to Section 12(k) of Act 101 of 1985 contained
in subsection P of this section is effective for taxable years
beginning after December 31, 1987.
SECTION 26
TO AMEND SECTION 40-15-50 OF THE 1976 CODE, SO AS TO REMOVE THE
ANNUAL LIMITATION ON THE AMOUNT OF PER DIEM PAID TO MEMBERS OF THE
STATE BOARD OF DENTISTRY, TO ESTABLISH A SPECIAL ADMINISTRATIVE
FUND IN THE STATE TREASURER'S OFFICE FOR THE PAYMENT OF
ADMINISTRATIVE COSTS, TO LIMIT THE AMOUNT THAT CAN BE DEPOSITED TO
THE FUND TO TWENTY THOUSAND DOLLARS AND TO REQUIRE THE APPROVAL OF
THE BUDGET AND CONTROL BOARD ON DISBURSEMENTS FROM THE FUND.
Section 40-15-50 of the 1976 Code is amended to read as follows:
"Section 40-15-50. The Executive Director must be bonded in
an amount as the board may fix for the faithful discharge of his
duties as custodian of the monies paid to the board. He shall
receive the salary as appropriated by the board. Each of the board
members shall receive for each day actually engaged in the duties
of his office per diem, mileage, and subsistence at the rate
established by law for boards, commissions, and committees. All
fees received by the board become the property of the State General
Fund and must be deposited to the account of the State Treasurer.
The expenditures of the board must be from state appropriations.
All fines must be deposited into a special account to be held by
the State Treasurer for the purpose of the payment of
administrative costs upon the approval of the Budget and Control
Board. At any time the balance in the special account exceeds
twenty thousand dollars, all funds in excess of that amount must be
remitted to the general fund."
SECTION 27
TO AMEND SECTION 11-9-15 OF THE 1976 CODE, RELATING TO THE
PROHIBITION ON THE USE OF STATE FUNDS TO SPONSOR FUNCTIONS AT CLUBS
THAT PRACTICE DISCRIMINATION IN MEMBERSHIP POLICY, SO AS TO
PROHIBIT REIMBURSEMENT FROM PUBLIC FUNDS FOR EXPENSES INCURRED BY
STATE OFFICERS OR EMPLOYEES AT CLUBS OR ESTABLISHMENTS WHICH
PRACTICE DISCRIMINATION IN MEMBERSHIP POLICY.
Section 11-9-15 of the 1976 Code is amended to read:
"Section 11-9-15. (A) No state funds may be used to
sponsor or defray the cost of any function by a state agency or
institution at a club or organization which does not admit as
members persons of all races, religions, colors, sexes, or national
origins.
(B) No state officer or employee may be reimbursed from public
funds for expenses incurred at any club or establishment which does
not admit as members persons of all races, religions, colors,
sexes, or national origin."
SECTION 28
TO AMEND SECTION 59-20-40 OF THE 1976 CODE, RELATING TO THE
DETERMINATION OF ANNUAL ALLOCATIONS TO SCHOOL DISTRICTS UNDER THE
EDUCATION FINANCE ACT OF 1977, SO AS TO DELETE AN INCENTIVE PAYMENT
DISTRIBUTION TO TEACHERS HAVING CLASS 1 OR HIGHER CERTIFICATES.
Section 59-20-40(2) of the 1976 Code is amended to read:
"(2) Reserved."
SECTION 29
TO AMEND SECTION 44-56-160 OF THE 1976 CODE, RELATING TO THE
HAZARDOUS WASTE CONTINGENCY FUND, SO AS TO PROVIDE THAT FUNDS HELD
FOR IMPACTED COUNTIES UNDER THE FUND BE DISBURSED QUARTERLY INSTEAD
OF ANNUALLY AND TO CREATE THE PINEWOOD HAZARDOUS WASTE CONTINGENCY
FUND AND PROVIDE A METHOD BY WHICH THE FUND IS FINANCED.
Section 44-56-160 of the 1976 Code is amended to read:
"Section 44-56-160. (A)
The Department of Health and Environmental Control is directed to
establish a Hazardous Waste Contingency Fund to ensure the
availability of funds for response actions necessary at permitted
hazardous waste landfills, and necessary from accidents in the
transportation of hazardous materials, and to defray the costs of
governmental response actions at uncontrolled hazardous waste
sites. The Contingency Fund must be financed through the
imposition of fees provided in Sections 44-56-170 and 44-56-510,
and annual appropriations which must be provided by the General
Assembly. An amount equal to three dollars per ton for wastes
reported under Section 44-56-170(A), four dollars per ton for
wastes reported under Section 44-56-170(E), one dollar per ton for
wastes reported under Section 44-56-510(1) and two dollars per ton
for wastes reported under Section 44-56-510(2), must be held
separate and distinct within the Fund for the purpose of response
actions arising from the operation of permitted land disposal
facilities in this State. From the fund created for permitted
sites, an amount equal to one dollar a ton for hazardous waste must
be held separate and distinct within the Fund for the purpose of
being returned to the governing body of a county in which a
permitted commercial land disposal facility is located. The funds
returned to a county must be used by the local law enforcement,
fire, health care, and emergency units to provide protection,
assistance, and emergency preparedness for any contingency which
might arise from the transportation and disposal site within the
county. The county governing body shall distribute the funds in an
equitable manner to the involved local units including, but not
limited to, municipalities and special purpose districts, as well
as county entities. The State Treasurer shall disperse the funds
quarterly to counties which contain commercial hazardous waste land
disposal sites. Any interest accruing from the management of the
funds held pursuant to this section must be credited to the
Contingency Fund.
(B) There is created a Pinewood Hazardous Waste Contingency Fund
to ensure the availability of funds for response actions necessary
at the hazardous waste landfill located adjacent to the Town of
Pinewood. This contingency fund is financed from the fee provided
in Section 44-56-170(C) and (E). Of the ten and thirteen dollars
a ton, respectively, collected under those subsections which is
used to defray the cost of governmental response actions at
uncontrolled hazardous waste sites, fifty cents a ton must be set
aside and used exclusively for the Pinewood Hazardous Waste
Contingency Fund. The monies from this fund must be returned to
the governing body of the Town of Pinewood, which must be used by
its law enforcement, fire, health care, and emergency units to
provide protection, assistance, and emergency preparedness for any
contingency which might arise from the transportation and disposal
site within the municipality. The State Treasurer shall disperse
the funds quarterly to the governing body of the Town of Pinewood.
Any interest accruing from the management of the funds held
pursuant to this section must be credited to this contingency
fund."
SECTION 30
TO AMEND SECTION 9-9-40(2) OF THE 1976 CODE, RELATING TO THE
RETIREMENT SYSTEM FOR MEMBERS OF THE GENERAL ASSEMBLY, SO AS TO
PROVIDE THAT SERVICE CREDIT EARNED AS GOVERNOR OR LIEUTENANT
GOVERNOR SUBSEQUENT TO SERVICE IN THE GENERAL ASSEMBLY SHALL COUNT
TOWARD THE EIGHT YEARS' RETIREMENT SERVICE CREDIT.
Section 9-9-40(2)(ii) of the 1976 Code is amended by adding at
the end:
"Service credit earned as Governor and Lieutenant Governor
immediately subsequent to service in the General Assembly shall
count toward the eight years service credit requirement referred to
above."
SECTION 31
TO AMEND TITLE 48 OF THE 1976 CODE, RELATING TO ENVIRONMENTAL
PROTECTION AND CONSERVATION, BY ADDING CHAPTER 6 SO AS TO CREATE
THE WATER POLLUTION REVOLVING FUND AND PROVIDE FOR ITS FUNCTIONS,
DUTIES, AND POWERS; AND TO REPEAL CHAPTER 5 OF TITLE 48, RELATING
TO FINANCIAL AID FOR SEWAGE TREATMENT PROJECTS.
A. Title 48 of the 1976 Code is amended by adding:
"CHAPTER 6
Water Pollution Revolving Fund
Section 48-6-10. As used in this chapter:
(1) 'Department' means the South Carolina Department of Health
and Environmental Control.
(2) 'Board' means the South Carolina Budget and Control Board.
(3) 'Agency' means the United States Environmental Protection
Agency.
(4) 'Council' means the Water Resources Coordinating Council
established by Executive Order Number 87-12.
(5) 'Project sponsor' means any municipality, intermunicipal,
interstate, state agency, or other eleemosynary entity created
pursuant to the laws of this State which is empowered to enter into
a debt obligation.
(6) 'Fund' means the money initially derived from capitalization
grants pursuant to the Federal Clean Water Act and associated state
match money, as well as repayments of all principal and interest on
loans made from the 'fund'.
(7) 'Loan agreement' means the agreement made between a project
sponsor and the board which provides for state assistance to the
project sponsor and for the repayment thereof by the project
sponsor.
(8) 'Priority system' means the priority ranking system utilized
by the department to rank proposed wastewater projects pursuant to
the Federal Clean Water Act.
(9) 'Project' means any undertaking for the treatment and
disposal of wastewater, or other project as defined under the Clean
Water Act and approved in the department's annual work plan and
approved by the agency.
(10) 'State grants' means money to be made available to local
units for the purpose of defraying costs incidental to any eligible
project.
(11) 'Special tax' means the ad valorem tax to be imposed upon
all taxable property of the project sponsor by reason of the
requirements of any loan agreement.
Section 48-6-20. (A) There is created a revolving fund program.
The board shall manage funds and administer loans from the fund.
Funds must be used only:
(1) to make loans to project sponsors in accordance with
specifications of this act;
(2) to buy or refinance the debt obligation of a project
sponsor at or below market rates, where a debt obligation was
incurred after March 7, 1985;
(3) to guarantee, or purchase insurance for, local obligations
where such action would improve credit market access or reduce
interest rates;
(4) as a source of revenue or security for the payment of
principal and interest on revenue or general obligation bonds
issued if the proceeds of the sale of the bonds will be deposited
in the fund;
(5) to provide loan guarantees for similar revolving funds
established by the project sponsor;
(6) to earn interest on fund accounts; and
(7) for the reasonable costs of the board and the department
for administering the fund and conducting activities under this
act.
(B) (1) The department shall deposit in the fund federal money
allocated for the purpose of establishing a State Revolving Fund
pursuant to the Federal Clean Water Act.
(2) The board shall deposit in the fund state money
appropriated to carry out the provisions of this chapter in a
manner consistent with and to the extent necessary to match those
federal funds allocated to the State under the provisions of the
Federal Clean Water Act for the purpose of making loans to project
sponsors.
(3) The board shall annually deposit in the fund all receipts
from the repayment of loans made pursuant to this chapter.
Section 48-6-30. Earnings on balances in the fund must be
credited to the fund. Money remaining in the fund at the end of
any fiscal year accrues only to the credit of the fund. Fund
balances must be awarded in perpetuity.
Section 48-6-40. The department is empowered:
(1) to promulgate regulations, with board input, to effectuate
the provisions of this chapter. Initial regulations must be
promulgated within twelve months of the effective date of this
chapter;
(2) to develop a priority system as specified in Title II of the
Federal Clean Water Act and to rank projects for which loan
applications have been received. This priority system shall at a
minimum ensure consistency with the Federal Clean Water Act.
(3) to coordinate with the council on setting funding priorities
for those state and federal funds not specified by the Clean Water
Act.
(4) to prepare an annual plan for agency approval in accordance
with the Federal Clean Water Act after providing for input from the
board and public comment and review;
(5) to enter into binding agreements as necessary with the
agency to effect the implementation of this chapter.
Section 48-6-50. The board is empowered:
(1) to manage the fund;
(2) to ensure that state money which constitutes the twenty
percent match of agency funds is deposited to the fund upon or
prior to the receipt of agency funds;
(3) to enter into loan agreements with project sponsors and
ensure that the loan agreements are properly executed. Prior to
entering into any agreement with the Board, the local government
must demonstrate to the satisfaction of the Board that traditional
financing sources are not available for the project;
(4) to assist project sponsors in developing capital financing
plans;
(5) to establish fiscal controls and accounting procedures to
ensure proper accounting of funds;
(6) to collect fees from project sponsors;
(7) to deposit in the fund all receipts from the repayment of
loans made pursuant to this act.
(8) to disperse monies from the fund to the department and the
board for fund and program management;
(9) to prepare an annual report with input from the department
for the Governor and General Assembly, and make an annual report to
the agency in accordance with the requirements of the Federal Clean
Water Act.
Section 48-6-60. All project sponsors are empowered:
(1) to undertake projects;
(2) to make application for and to receive assistance;
(3) to comply with regulations relating to the receipt and
disposition of money of the fund;
(4) to apply for and receive state grants;
(5) to enter into loan agreements;
(6) to comply with all terms and conditions of any loan
agreement.
Section 48-6-70. (A) Criteria for loans under this chapter must
be developed by the department in concert with the board and shall
include relevant provisions of federal and state law and
regulations.
(B) The loan agreement must be written by the project sponsor
such that, upon any failure of the project sponsor to make payment
to the board in accordance with the time schedule fixed by the
repayment schedule of the amount prescribed by the schedule, the
board may without further action require the State Treasurer and
the Comptroller General to pay to the board the amount of other
state aid as the project sponsor unit may become entitled to until
all delinquent payments under the repayment schedule, plus interest
from the date of each delinquency at the rate of six percent a
year, have been paid. In the event the project sponsor is a
special purpose district and receives no other state aid, the
agreement must prescribe that the Comptroller General may levy, and
require the applicable county treasurer to collect and remit to the
board, a special tax required by the loan agreement.
The claim of the State against other state aid of a defaulting
project sponsor is a first lien."
B. Chapter 5 of Title 48 of the 1976 Code is repealed.
SECTION 32
TO AMEND THE 1976 CODE BY ADDING SECTION 59-24-130, SO AS TO
INCLUDE THE ADMINISTRATIVE HEAD OF A VOCATIONAL CENTER IN THE
DEFINITION OF "PRINCIPAL" FOR PURPOSES OF THE SCHOOL
PRINCIPAL
INCENTIVE PROGRAM AND THE SCHOOL ADMINISTRATOR EVALUATION PROGRAM.
Article 3, Chapter 24, of Title 59 of the 1976 Code is amended by
adding:
"Section 59-24-130. For purposes of funds appropriated in
the annual general appropriations act and program eligibility for
the School Principal Incentive Program and the school administrator
evaluation program, the term 'principal' also includes the
administrative head of a vocational center."
SECTION 33
TO AMEND SECTION 8-11-82 OF THE 1976 CODE, AS AMENDED, RELATING TO
RETIREMENT AS AFFECTING ELIGIBILITY FOR THE STATE HEALTH INSURANCE
PLAN, SO AS TO PROVIDE THAT ANY RETIRED MEMBER OF THE GENERAL
ASSEMBLY WHO LEAVES OFFICE OR RETIRES AND WHO IS VESTED IN THE
GENERAL ASSEMBLY RETIREMENT SYSTEM IS ELIGIBLE FOR THE STATE HEALTH
INSURANCE PLAN.
Section 8-11-82 of the 1976 Code, as last amended by Section 7 of
Part II of Act 540 of 1986, is further amended to read:
"Section 8-11-82. A person covered by the State Health
Insurance Plan who terminates employment with at least fifteen
years' retirement service credit by the State or a school district
prior to eligibility for retirement under a state system is
eligible for the State Health Insurance Plan effective with the
date of retirement under a state retirement system. In order to
obtain coverage application must be made by October 1, 1986, and
the applicant must demonstrate evidence of insurability.
A member of the General Assembly who leaves office or retires
with at least eight years' credited service in the General Assembly
Retirement System is eligible to participate in the State Health
Insurance Plan by paying the full premium costs as determined by
the State Budget and Control Board.
An active employee retiring after the effective date of this
section who is covered by the State Health Insurance Plan who
retires with less than ten years of state or school district
service credited under a state retirement system is not eligible
for state-paid premiums under the State Health Insurance Plan.
A state or school district employee who retires with at least
five years' service as a state or school district employee credited
under a state retirement system is eligible to participate in the
State Health Insurance Plan by paying the full premium costs as
determined by the State Budget and Control Board.
All state and school district employees employed prior to July 1,
1984, who were eligible or would have been eligible upon completion
of five years' service for the State Health Insurance Plan are
exempt from the above provisions and become eligible for the plan
effective with the date of their retirement."
SECTION 34
TO AMEND SECTIONS 24-23-210 AND 24-23-220 OF THE 1976 CODE,
RELATING TO FUNDING THE COMMUNITY CORRECTIONS PROGRAM AND THE
VICTIM'S COMPENSATION FUND BY ADDITIONAL ASSESSMENTS TO FINES FOR
CERTAIN CRIMINAL OFFENSES, SO AS TO INCREASE THE AMOUNT OF THESE
ASSESSMENTS, TO DELETE CERTAIN LANGUAGE, AND TO PROVIDE FOR THE
DISPOSITION OF THE ASSESSMENTS.
A. Section 24-23-210 of the 1976 Code is amended to read:
"Section 24-23-210. (A)
When any person is convicted, pleads guilty or nolo contendere, and
is sentenced to payment of a fine, or when any person forfeits
bond, including the assessment hereinafter provided, to any offense
within the jurisdiction of a municipal, recorder's, or magistrate's
court other than a nonmoving traffic violation, there is imposed an
assessment, in addition to any other costs or fines imposed by law,
in the sum of four dollars. Any person posting bond for an offense
shall post the four dollar assessment at the same time. If the
person is not convicted of the offense with which he is charged,
the assessment must be returned to him at the same time his bond is
returned. If the person has not posted bond and is convicted or
pleads guilty or nolo contendere, the four dollar assessment must
be paid to the recorder's, magistrate's, or municipal court at the
time a sentence is imposed.
(B) When any person is convicted, pleads guilty or nolo
contendere and is sentenced to payment of a fine or when any person
forfeits bond to any offense within the jurisdiction of the Court
of General Sessions, there is imposed an assessment, in addition to
any other cost or fine imposed by law, in the sum of twenty-five
dollars.
If an offender is sentenced to probation or imprisonment and
probation without the imposition of a fine, the assessment must be
collected by the clerk of court as a condition of probation. If a
defendant is sentenced to imprisonment and is later released to the
supervision of the Department of Parole and Community Corrections
and has not otherwise paid the assessment, the assessment must be
collected as a condition of supervision, regardless of the type of
original sentence imposed.
In any court, when sentencing a person convicted of an offense
which has proximately caused physical injury or death to the
victim, the court may order the defendant to pay a restitution
charge commensurate with the offense committed, not to exceed ten
thousand dollars, to the Victim's Compensation Fund.
Any circuit court judge may waive or suspend the imposition of
all or part of the assessment made under subsection (B) upon
finding that the assessment would place severe financial hardship
upon the offender or his family."
B. Section 24-23-220 of the 1976 Code is amended to read:
"Section 24-23-220. Assessments, restitution charges, and
assessments imposed as a condition of probation which are collected
by clerks of court for the Court of General Sessions and
assessments collected by magistrates' courts must be paid monthly
to the county treasurer of the county where the court is located.
Assessments imposed as a condition of supervision upon release
from prison as specified in Section 24-23-210 must be collected by
the supervising agent who shall transmit those funds to the Parole
and Community Corrections Board where it must be deposited in the
State Treasury. The county treasurer, after duly noting and
recording the receipt of the payments, shall transfer those funds
to the State Treasurer who shall deposit them in the state's
general fund. Assessments collected by municipal courts must be
paid monthly to the municipal financial officer who, after duly
noting and recording the receipt of the payments, shall transfer
those funds to the State Treasurer as provided in this section.
From these funds, an amount equal to one-half of the amount
deposited in fiscal year 1986-87 must be appropriated to the
department for the purpose of developing and operating community
corrections programs. The remainder of the funds must be deposited
in the Victim's Compensation Fund. The Board shall monitor the
collection and reporting of these assessments imposed as a
condition of supervision and assure that they are duly transferred
to the State Treasurer."
SECTION 35
TO AMEND ARTICLE 1 OF CHAPTER 7 OF TITLE 42 OF THE 1976 CODE,
RELATING TO THE STATE WORKERS' COMPENSATION FUND, BY ADDING SECTION
42-7-75 SO AS TO REQUIRE STATE AGENCIES TO PAY WORKERS'
COMPENSATION PREMIUMS ACCORDING TO SECTION 42-7-70 AS DETERMINED BY
THE STATE WORKERS' COMPENSATION FUND, REQUIRE THE STATE TREASURER
TO PAY MONTHLY FROM THE GENERAL FUND TO THE STATE WORKERS'
COMPENSATION FUND NECESSARY FUNDS TO COVER OPERATING EXPENSES AND
CLAIMS, REQUIRE THE STATE WORKERS' COMPENSATION FUND TO CERTIFY
QUARTERLY TO THE BUDGET AND CONTROL BOARD THE STATE'S LIABILITY FOR
THE BENEFIT CLAIMS ACTUALLY PAID TO CLAIMANTS WHO ARE EMPLOYEES OF
ANY AGENCY OR POLITICAL SUBDIVISION OF THIS STATE AND WHO ARE
ENTITLED TO SUCH PAYMENT UNDER STATE LAW, PROVIDE THAT THE AMOUNT
CERTIFIED MUST BE REMITTED TO THE STATE WORKERS' COMPENSATION FUND,
AND REQUIRE THE STATE TREASURER AND COMPTROLLER GENERAL TO PAY FROM
THE GENERAL FUND OF THE STATE TO THE STATE WORKERS' COMPENSATION
FUND ANY NECESSARY FUNDS TO COVER ACTUAL BENEFIT CLAIMS PAID DURING
ANY FISCAL YEAR WHICH EXCEED THE AMOUNTS PAID IN FOR THIS PURPOSE
BY THE VARIOUS AGENCIES.
Article 1 of Chapter 7 of Title 42 of the 1976 Code is amended by
adding:
"Section 42-7-75. All state agencies shall pay workers'
compensation premiums according to Section 42-7-70, as determined
by the State Workers' Compensation Fund.
The State Treasurer and the Comptroller General shall pay from
the general fund of the State to the State Workers' Compensation
Fund any necessary funds to cover actual benefit claims paid during
any fiscal year, which exceed the amounts paid in for this purpose
by the various agencies, departments, and institutions.
The State Workers' Compensation Fund shall certify quarterly to
the Budget and Control Board the State's liability for the benefit
claims actually paid to claimants who are employees of any agency
or political subdivision of this State and who are entitled to such
payment under state law. The amount certified must be remitted to
the State Workers' Compensation Fund.
If there are not sufficient funds in the State Workers'
Compensation Fund Trust Account to pay operating expenses and
claims as they arise, the State Treasurer shall, from the general
fund of the State, deposit in the account monthly sufficient funds
to pay expenses and claims required by law to be paid."
SECTION 36
TO AMEND ARTICLE 1, CHAPTER 35, OF TITLE 12 OF THE 1976 CODE,
RELATING TO THE RETAIL LICENSE, SALES AND USE TAXES AND
DEFINITIONS, BY ADDING SECTION 12-35-95 SO AS TO PROVIDE THAT
"RETAILER" INCLUDES A "NONRESIDENT RETAILER",
DEFINE A NONRESIDENT RETAILER, AND PROVIDE, AMONG OTHER THINGS, FOR
THE MANNER IN WHICH THIS NONRESIDENT RETAILER SHALL COLLECT THE TAX
IMPOSED AND BE LICENSED AS A RETAILER AS REQUIRED BY CHAPTER 35 OF
TITLE 12.
Article 1, Chapter 35, of Title 12 of the 1976 Code is amended by
adding:
"Section 12-35-95. 'Retailer', as defined in Section
12-35-90, includes a 'nonresident retailer' as defined in this
section. A nonresident retailer means and includes every person
who does not maintain an office or location in this State but who
solicits business either by direct representatives, indirect
representatives, or manufacturers' agents, or by distribution of
catalogs or other advertising matter or by any other means
whatsoever and by reason thereof receives orders for tangible
personal property from consumers for use, consumption,
distribution, and storage for use or consumption in this State.
This nonresident retailer shall collect the tax imposed by this
chapter from the purchaser, and no action either in law or in
equity on a sale or transaction as provided by the terms of this
chapter may be had in this State by a nonresident retailer unless
it is affirmatively shown that the provisions of this chapter have
been fully complied with.
A nonresident retailer also shall obtain a retail license
required by this chapter, and in obtaining this license, he is
considered to have one branch or location in this State."
SECTION 37
TO PROVIDE FOR THE CODE COMMISSIONER TO REPORT ANNUALLY TO THE
LEGISLATIVE COUNCIL EXPENDITURES FROM APPROVED ACCOUNTS
APPROPRIATED TO THE COUNCIL IN THE GENERAL APPROPRIATIONS ACT, AND
TO PROVIDE THAT THE POSITION OF CODE COMMISSIONER DOES NOT
CONSTITUTE AN OFFICE REFERRED TO IN SECTION 3, ARTICLE VI, OF THE
STATE CONSTITUTION.
The position of Code Commissioner does not constitute an office
referred to in Section 3, Article VI, of the State Constitution.
The Code Commissioner shall report annually to the Legislative
Council expenditures from approved accounts appropriated to the
Council in the general appropriations act.
SECTION 38
TO AMEND SECTIONS 9-1-1790 AND 9-11-90, BOTH AS AMENDED, OF THE
1976 CODE, RELATING TO THE SOUTH CAROLINA RETIREMENT SYSTEM AND THE
SOUTH CAROLINA POLICE OFFICERS RETIREMENT SYSTEM, SO AS TO INCREASE
THE AMOUNT A RETIRED MEMBER WHO RETURNS TO COVERED EMPLOYMENT MAY
EARN WITHOUT AFFECTING HIS BENEFITS FROM EIGHT THOUSAND DOLLARS TO
EIGHT THOUSAND FIVE HUNDRED DOLLARS.
A. Section 9-1-1790 of the 1976 Code, as last amended by Section
43, Part II, of Act 540 of 1986, is further amended to read:
"Section 9-1-1790. Any retired member of the System may
return to employment covered by the System and earn up to eight
thousand five hundred dollars a fiscal year without affecting the
monthly retirement allowance he is receiving from the System. If
the retired member continues in service after having earned eight
thousand five hundred dollars in a fiscal year, his retirement
allowance must be discontinued during his period of service in the
remainder of the fiscal year. If the employment continues for at
least forty-eight consecutive months the provisions of Section
9-1-1590 apply. The provisions of this section do not apply to any
employee or member of the System who has mandatorily retired
because of age pursuant to Section 9-1-1530."
B. Section 9-11-90(4) of the 1976 Code, as last amended by
Section 43, Part II, of Act 540 of 1986, is further amended to
read:
"(4) Notwithstanding the provisions of subsections (1) and
(2) of this section, any retired member of the System may return to
employment covered by the System and earn up to eight thousand five
hundred dollars a fiscal year without affecting the monthly
retirement allowance he is receiving from the System. If the
retired member continues in service after having earned eight
thousand five hundred dollars in a fiscal year, his retirement
allowance must be discontinued during his period of service in the
remainder of the fiscal year. If the employment continues for at
least forty-eight consecutive months the provisions of Section
9-1-1590 apply. The provisions of this section do not apply to any
employee or member of the System who has mandatorily retired
because of age pursuant to Section 9-1-1530."
*[SECTION 39
TO AMEND SECTION 59-39-160 OF THE 1976 CODE, RELATING TO ACADEMIC
REQUIREMENTS FOR PARTICIPATION IN INTERSCHOLASTIC ACTIVITIES IN
GRADES NINE THROUGH TWELVE, SO AS TO EXTEND ELIGIBILITY TO A
STUDENT PASSING FIVE ACADEMIC COURSES AND WHO MAINTAINED AN OVERALL
PASSING AVERAGE FOR ALL COURSES TAKEN IN THE PRECEDING SEMESTER.]
[Section 59-39-160 of the 1976 Code is amended to read:
"Section 59-39-160. To participate in interscholastic
activities, students in grades nine through twelve must have passed
at least four academic courses, including each unit the student
takes that is required for graduation, with an overall passing
average in the preceding semester. A student may also meet this
requirement by passing a total of five academic courses and
maintaining an overall passing average for all courses taken in the
preceding semester. Academic courses must be defined as those
courses of instruction for which credit toward high school
graduation is given. These may be required or approved electives.
All activities currently under the jurisdiction of the South
Carolina High School League shall remain in effect. The monitoring
of all other interscholastic activities is the responsibility of
the local boards of trustees. Those students diagnosed as
handicapped in accordance with the criteria established by the
State Board of ] [Education and satisfying the requirements of
their Individual Education Plan (IEP) as required by Public Law
94-142 are permitted to participate in interscholastic activities.
Any local school board of trustees in its discretion is authorized
to impose more stringent standards than those contained in this
section for participation in interscholastic activities by students
in grades nine through twelve."]
SECTION 40
TO AMEND SECTION 31, PART II OF ACT 540 OF 1986, THE GENERAL
APPROPRIATIONS ACT, RELATING TO INSURANCE COMPANY LICENSE FEES AND
PREMIUM TAXES, SO AS TO REMOVE DIVIDENDS FROM THE COMPUTATION OF
TOTAL PREMIUMS FOR PURPOSES OF THE PREMIUM TAX AND TO PROVIDE THAT
RETALIATORY PROVISIONS APPLY TO A FOREIGN INSURER TRANSACTING
BUSINESS IN THIS STATE REGARDLESS OF WHETHER A SIMILAR SOUTH
CAROLINA INSURER IS LICENSED TO TRANSACT BUSINESS IN THE FOREIGN
COMPANY'S STATE OF DOMICILE, TO PROVIDE THAT COMPARISONS OF TAXES
AND OTHER OBLIGATIONS MUST BE BASED ON AN ITEM-BY-ITEM COMPARISON
BETWEEN SOUTH CAROLINA TAXES AND OBLIGATIONS AND SIMILAR TAXES AND
OBLIGATIONS OF THE FOREIGN INSURER'S STATE OF DOMICILE, AND TO
PROVIDE THAT MUNICIPAL TAXES AND FEES MAY NOT BE CONSIDERED IN THE
COMPARISONS; TO AMEND ARTICLE 1, CHAPTER 5, OF TITLE 38 OF THE 1976
CODE, RELATING TO INSURANCE COMPANIES AND CERTIFICATE OF AUTHORITY
AND OTHER REQUIREMENTS FOR DOING BUSINESS, BY ADDING SECTION
38-5-220 SO AS TO PROVIDE THAT AN INSURANCE COMPANY EXEMPT FROM
FEDERAL INCOME TAX PURSUANT TO SECTION 501(c)(3) OR (4) OF THE
INTERNAL REVENUE CODE OF 1986, AND WHICH INSURES ONLY CHURCHES AND
THEIR PROPERTY, IS EXEMPT FROM CERTAIN INSURANCE TAX LEVIES UNDER
CERTAIN CONDITIONS; AND TO PROVIDE THAT IF ANY PROVISION OR PART OF
THIS SECTION IS HELD INVALID, THE REMAINDER OF THE SECTION IS NOT
AFFECTED.
A. (1) This act amends subsection (E) of Section 31 of Part II
of Act 540 of 1986 to clarify the intent of the General Assembly in
that statute and resolve questions which have arisen with respect
to its application. This act also amends subsection B of Section
31 of Part II of Act 540 of 1986 so as to remove dividends from
premiums subject to the insurance premium tax levied therein.
(2) The General Assembly confirms the conclusion of the
Supreme Court of South Carolina that the purpose of retaliatory
legislation heretofore contained in Section 38-5-480 of the 1976
Code, and substantially reenacted as subsection E of Section 31 of
Part II of Act 540 of 1986, is to protect a South Carolina insurer
doing business in another state by subjecting an insurer domiciled
in the other state to those same burdens which its state of
domicile imposes on the South Carolina insurer. See Lindsay v.
Southern Farm Bureau Casualty Insurance Co., 258 S.C. 272, 188
S.E.2d 374 (1972). The General Assembly finds that such protection
of a domestic insurer by a state from excessive or discriminatory
taxes or burdens in other states has been held by the Supreme Court
of the United States to be a constitutionally legitimate state
purpose. See Western & Southern Life Ins. Co. v. State Bd. of
Equalization of California, 451 U.S. 648 (1981). The General
Assembly further declares that the purpose of subsection E of
Section 31 of Part II of Act 540 of 1986 has been, is, and, as
amended in this act, shall continue to be to protect South Carolina
insurers doing or seeking to do business in other states as
described hereinabove.
(3) The General Assembly finds that, since retaliatory
legislation is intended to facilitate the doing of interstate
business by South Carolina insurers by deterring other states from
erecting barriers which discourage South Carolina insurers from
entering into such other states for the purpose of doing business
therein, it is necessary to apply retaliatory legislation to every
foreign insurer transacting business in South Carolina, regardless
of whether a similar South Carolina insurer is licensed to transact
business in such foreign insurer's state of domicile or not.
(4) The General Assembly finds that the above-mentioned
purpose of retaliatory legislation is most fully and effectively
promoted by individually comparing each South Carolina tax or
obligation with its counterpart required under the laws of a
foreign insurer's state of domicile. This permits the relative
burden of impact of each state's taxes and obligations to be
individually measured so that the appropriate retaliatory pressure
can be applied where a tax or obligation required by a foreign
state either has no counterpart in South Carolina or is excessive
in relation to a similar tax or obligation required by South
Carolina. The General Assembly further recognizes that the Chief
Insurance Commissioner's current application of the retaliatory
legislation contained in subsection E of Section 31 of Part II of
Act 540 of 1986 on an item-by-item comparison most fully and
effectively promotes the purposes of the legislation, and the
General Assembly hereby ratifies, confirms, and approves the
Commissioner's actions in this regard.
(5) The General Assembly finds that any fees and taxes levied
by municipalities on insurance companies as authorized by Section
38-5-490 of the 1976 Code are wholly separate and distinct from any
taxes, fees, or obligations required by the State of South
Carolina. The General Assembly therefore declares its intent that
fees
and taxes levied by municipalities may not be considered in the
application of subsection E of Section 31 of Part II of Act 540 of
1986.
B. Subsection B of Section 31 of Part II of Act 540 of 1986
(Section 38-5-520 in the 1986 Cumulative Supplement) is amended to
read:
"B. In addition to all license fees and taxes otherwise
provided by law, there is levied upon each insurance company
licensed by the Commissioner an insurance premium tax based upon
total premiums, other than workers' compensation insurance
premiums, and annuity considerations, collected by the company in
the State during each calendar year ending on the thirty-first day
of December. For life insurance, the insurance premium tax levied
herein is equal to three-fourths of one percent of the total
premiums collected. For all other types of insurance, the
insurance premium tax levied herein is equal to one and one-fourth
percent of the total premiums collected. In computing total
premiums, return premiums on risks and dividends paid or credited
to policyholders are excluded.
The insurance premium taxes collected by the Commissioner
pursuant to this section must be deposited by him in the general
fund of the State."
C. Subsection E of Section 31 of Part II of Act 540 of 1986
(Section 38-5-550 in the 1986 Cumulative Supplement) is amended to
read:
"E. Whenever the laws of any other state or the regulations
or actions of any public official of the other state subject, or
would subject, insurance companies chartered by this State, or
their agents or representatives, to fees, taxes, obligations,
conditions, restrictions, or penalties for the privilege of doing
business in the other state which are greater than those required
of similar insurers organized or domiciled in the other state by or
in this State for the privilege of doing business herein, then all
similar insurers organized or domiciled in the other state must be
subjected to the greater requirements which are or would be imposed
by or in the other state upon similar insurers of this State.
This section must be applied, regardless of whether an insurer
chartered by this State is doing business in the other state or
not. The application of this section is not based upon an
aggregate comparison of requirements imposed by this State with an
aggregate comparison of requirements imposed by the other state.
Instead, the application is based upon an individual comparison of
each of the fees, taxes, obligations, conditions, restrictions, or
penalties imposed by or in the other state with the fees, taxes,
obligations, conditions, restrictions, or penalties imposed by or
in this State. Taxes, fees, or other obligations imposed by
municipalities are not considered in the application of this
section."
D. Article 1, Chapter 5, Title 38 of the 1976 Code is amended by
adding:
"Section 38-5-220. An insurance company exempt from federal
income tax pursuant to Section 501(c)(3) or (4) of the Internal
Revenue Code of 1986, and which insures only churches and their
property, is exempt from those taxes levied on insurance companies
in Subsection B of Section 31 of Part II of Act 540 of 1986,
Section 38-57-110, and Section 38-5-1250. To prove exemption from
federal income tax under Section 501(c)(3) or (4) of the Internal
Revenue Code of 1986, the company shall provide to the Commissioner
a certificate issued by the Internal Revenue Service demonstrating
the company's tax-exempt status. The company shall further provide
evidence satisfactory to the Commissioner that it only insures
churches and their property."
E. If any provision or part of this section is for any reason
held to be invalid, the remainder of the section is not affected by
it.
*[SECTION 41
TO AMEND SECTION 23-31-140 OF THE 1976 CODE, RELATING TO THE
COMPLETION AND CONTENTS OF AN APPLICATION REQUIRED PRIOR TO THE
PURCHASE OF A PISTOL AND FURTHER RESTRICTIONS ON THE PURCHASE, SO
AS TO PROVIDE EXCEPTIONS UNDER WHICH A PERSON IS ALLOWED TO
PURCHASE MORE THAN ONE PISTOL DURING EACH THIRTY-DAY PERIOD, AND TO
PROVIDE THE CONDITIONS UNDER WHICH A LAW ENFORCEMENT AGENCY OR
PRIVATE SECURITY COMPANY MAY PURCHASE MORE THAN ONE PISTOL DURING
A THIRTY DAY PERIOD; AND TO REPEAL SECTION 23-31-195 RELATING TO
APPLICATION FOR AND ISSUANCE OF A PISTOL COLLECTOR'S LICENSE.]
[A. Section 23-31-140 of the 1976 Code is amended to read:
"Section 23-31-140. (A) Prior to the purchase of a pistol,
the purchaser shall complete an application in triplicate in the
presence of the dealer. The application to be furnished by the
division must contain the applicant's (1) name; (2) residence and
business address; (3) date and place of birth; (4) social security
number; (5) South Carolina driver's license number or South
Carolina Department of Highways and Public Transportation
identification card number; (6) physical description; (7)
fingerprint card and photograph of applicant if the applicant does
not have items (4) and (5); (8) a signed sworn statement by the
applicant that he is not within any classification set forth in
item (a), (b), (c), or (d) of Section 16-23-30, and that he has not
purchased a pistol within the previous] [thirty days; (9) the
signatures of the applicant and the dealer; (10) and such other
personal identifying information as may be required by the
division.
(B) No person is allowed to purchase a pistol from a dealer
unless he has fully completed the application.
(C) No person is allowed to purchase more than one pistol on
each application and no person is allowed to purchase more than one
pistol during each thirty-day period. However, a person whose
pistol is stolen or irretrievably lost and who feels that it is
essential that he immediately purchase a pistol may obtain a
special permit which will enable him to purchase a pistol upon his
sworn affidavit to the chief of police or his designated agent of
the municipality in which the applicant resides or if the applicant
resides outside the corporate limits of a municipality to the
sheriff or his designated agent of the county in which the
applicant resides citing these facts and reasons why he cannot wait
for a thirty-day period to purchase a pistol. The special permit
shall contain such information as required by the division and must
be on a form furnished by the division. The issuing officer shall
retain a copy of the permit and forward a copy to the division.
(D) The provisions of subsection (C) do not apply to (1) a law
enforcement agency, (2) an agency duly authorized to perform law
enforcement duties, (3) county and municipal penal facilities and
the State Department of Corrections, (4) a private security company
licensed to do business within this State, or (5) or a person whose
pistol is stolen or irretrievably lost and who feels that it is
essential that he immediately purchase a pistol may obtain a
special permit which will enable him to purchase a pistol upon his
sworn ] [affidavit to the chief of police, or his designated agent,
of the municipality in which the applicant resides or if the
applicant resides outside the corporate limits of a municipality,
to the sheriff, or his designated agent, of the county in which the
applicant resides. This affidavit must cite the facts and reasons
why the applicant cannot wait for a thirty-day period to purchase
a pistol. This special permit must contain such information as
required by the division and must be on a form furnished by the
division. The issuing officer shall retain a copy of the permit
and forward a copy to the division. The application must be signed
by the dealer effecting the sale and must contain information as
required by the division.
(E) A law enforcement agency or a private security company
licensed under the provisions of Chapter 17 of Title 40 may
purchase more than one pistol during a thirty-day period as long as
the following conditions are met:
(1) the pistols purchased are for use in this State;
(2) ownership of the pistols is retained by the law
enforcement agency or licensed security company;
(3) multiple purchases under this provision must be made on a
special application form to be provided by the division;
(4) the multiple purchase form is signed by the chief of the
law enforcement agency or the chief executive officer of the
licensed private security company, whose name appears on the
company license;
(5) the number of pistols purchased may not exceed the number
of security guards registered under the provisions of Title 40,
Chapter 17, and employed in this State;
(6) a letter of authorization, in triplicate, signed by the
agency director, ] [company representative, or their designees,
certifying the purchaser to be a representative of the agency or
company with delegated authority to purchase pistols for the agency
or company. The letter of authorization must contain such
information as may be required by the division.
(F) No person is allowed to purchase a pistol from a dealer
unless he is a resident of the State of South Carolina. For the
purpose of this article, the possession of a valid South Carolina
driver's license or South Carolina Department of Highways and
Public Transportation identification card constitutes proof of
residency.
(G) Upon proper completion of the application the dealer shall
submit the original application to the division, retain a copy for
his records, and give a copy to the applicant upon his purchase of
a pistol. The application to be submitted to the division must be
accompanied by a firearm transaction record properly completed by
the purchaser and the dealer."
B. Section 23-31-195 of the 1976 Code is repealed.]
SECTION 42
TO AMEND SECTION 11-35-40 OF THE 1976 CODE, RELATING TO APPLICATION
OF THE SOUTH CAROLINA CONSOLIDATED PROCUREMENT CODE, SO AS TO
EXTEND THE APPLICATION OF THE CODE TO ACTIONS OF FOUNDATIONS OR
ELEEMOSYNARY ORGANIZATIONS USING STATE FUNDS FOR CAPITAL
IMPROVEMENTS FOR A STATE AGENCY OR INSTITUTION.
Section 11-35-40 of the 1976 Code is amended by adding:
"(4) The acquisition of any facility or capital improvement
by a foundation or eleemosynary organization on behalf of or for
the use of any state agency or institution of higher learning which
involves the use of public funds in the acquisition, financing,
construction, or current or subsequent leasing of the facility or
capital improvement is subject to the provisions of this Code in
the same manner as any governmental body. The definition and
application of the terms 'acquisition', 'financing',
'construction', and 'leasing' are governed by standards and
principles established by the State Auditor."
SECTION 43
TO AMEND SECTION 56-3-2010 OF THE 1976 CODE, RELATING TO
PERSONALIZED LICENSE PLATES, SO AS TO PROVIDE THAT REGULAR
PERSONALIZED PLATES MUST BE ISSUED AS AN ANNUAL LICENSE PLATE ON A
STAGGERED MONTHLY BASIS WITH A MONTHLY EXPIRATION STICKER, TO
PROVIDE FOR A DECEMBER THIRTY-FIRST EXPIRATION OF LICENSE PLATES
ISSUED TO LEGISLATORS AND MEMBERS OF STATE BOARDS AND COMMISSIONS,
TO LIMIT BY WEIGHT THOSE TRUCKS ELIGIBLE FOR PERSONALIZED LICENSE
PLATES, AND TO AUTHORIZE PERSONALIZED LICENSE PLATES FOR
MOTORCYCLES; TO AMEND SECTION 56-3-2020, RELATING TO THE AMOUNT AND
DISPOSITION OF THE FEE FOR A PERSONALIZED LICENSE PLATE, SO AS TO
REQUIRE PAYMENT OF THE FEE AT THE TIME OF APPLICATION AND TO
PROHIBIT REFUNDS AFTER THE PLATE IS MANUFACTURED; AND TO AMEND
SECTION 56-3-2030, RELATING TO REGULATIONS AND PROHIBITIONS WITH
RESPECT TO PERSONALIZED LICENSE PLATES, SO AS TO DELETE THE ANNUAL
DEADLINE FOR APPLICATION.
A. Section 56-3-2010 of the 1976 Code is amended to read:
"Section 56-3-2010. The Department of Highways and Public
Transportation shall provide, upon proper application being made,
special personalized motor vehicle license plates to the owner of
a private passenger motor vehicle, trucks having a rated capacity
of not more than five thousand pounds empty weight or not more than
eight thousand pounds gross vehicle weight, and motorcycles. The
personalized plates must be of the design and bear the letters and
numerals as the department prescribes, but there may be no
duplication of any registration plates, except that South Carolina
members of the United States Congress or members of South Carolina
General Assembly are allowed to purchase a maximum of the original
and two duplicate registration plates. The department, in its
discretion, may refuse the issue of letter combinations which may
carry connotations offensive to good taste and decency and may not
assign to any person not holding the relevant office any letters or
numerals denoting the holder to have a public office.
Private passenger motor vehicles and trucks meeting the above
specifications must be assigned an annual registration which
expires on a staggered monthly basis. In the case where a current
vehicle license plate is currently displayed, the owner of the
vehicle may make application for personalized license plates two
months in advance of the current registration expiration. A
sticker reflecting the month of expiration of registration must be
issued and affixed in the space provided on the license plate
assigned to the vehicle. A personalized license plate issued to a
motorcycle expires November thirtieth of each year. Every
personalized license plate issued to members of the General
Assembly and members of licensed state commissions and boards
expires on January thirty-first of each year. Every vehicle
registration must be renewed annually upon application by the owner
and by payment of the fee required by law to take effect on the
first day of the month following the expiration of the registration
to be renewed."
B. Section 56-3-2020 of the 1976 Code is amended by adding at
the end:
"The fee is due and payable at the time of the application.
The department may not refund the fee if the personalized plate has
already been manufactured."
C. Section 56-3-2030 of the 1976 Code is amended to read:
"Section 56-3-2030. The department shall promulgate
regulations for the application for and issuance of personalized
license plates. Special personalized license plates means any
plates bearing any combination of letters or numerals, or both,
other than that which the department determines normally would be
issued sequentially to an applicant for original or renewal vehicle
registration.
Plates may not be issued to any applicant whose operator's or
chauffeur's license has been suspended or revoked within two years
from the date of application or to any applicant whose driving
record indicates a disregard of traffic violations or unsafe
driving practices within two years from the date of
application."
D. The provisions in this section are effective beginning with
the issue of 1988 personalized license plates.
SECTION 44
TO AMEND CHAPTER 3 OF TITLE 56 OF THE 1976 CODE, RELATING TO MOTOR
VEHICLE REGISTRATION AND LICENSING, BY ADDING ARTICLE 22 SO AS TO
AUTHORIZE SPECIAL LICENSE PLATES TO BE ISSUED TO MEMBERS OF
MUNICIPAL AND COUNTY COUNCILS AND TO PROVIDE PENALTIES FOR CERTAIN
VIOLATIONS.
Chapter 3 of Title 56 of the 1976 Code is amended by adding:
"Article 22
Special License Plates -- Members
of Municipal and County Councils
Section 56-3-2150. The Department of Highways and Public
Transportation may issue special motor vehicle license plates to
members of municipal and county councils of this State for private
motor vehicles registered in their names. The annual fee for these
special license plates is the same as the fee provided for in
Section 56-3-2020 and only one plate may be issued to any one
councilman.
Section 56-3-2160. The special plates must be of the same size
as regular motor vehicle license plates but must be of a
distinctive design and must bear those letters and numerals as the
department prescribes. The plates must be issued or revalidated
annually for the regular registration and licensing year.
Section 56-3-2170. The license plate issued pursuant to this
article may be transferred to another vehicle of the same weight
class owned by the same person upon application being made to and
approved by the department. It is unlawful for any person to whom
such a plate has been issued to knowingly permit it to be displayed
on any vehicle except the one authorized by the department. If a
holder of such a plate ceases to be a member of the municipal or
county council he shall immediately return the plate to the
department.
Section 56-3-2180. The provisions of this article do not affect
the registration and licensing of motor vehicles as required by
other provisions of this chapter but are cumulative thereto. Any
person violating the provisions of this article or any person who
(a) fraudulently gives false or fictitious information in any
application for a special license plate, as authorized in this
article, (b) conceals a material fact, or (c) otherwise commits a
fraud in any application or in the use of any special license plate
issued is guilty of a misdemeanor and, upon conviction, must be
punished by a fine of not more than one hundred dollars or by
imprisonment for not more than thirty days."
SECTION 45
TO PERMIT VEHICLES COMMONLY KNOWN AS GOLF CARTS TO OPERATE ON
SECONDARY HIGHWAYS AND STREETS WITHIN TWO MILES OF THE RESIDENCE OF
THE OWNER DURING DAYLIGHT HOURS ONLY UPON ISSUANCE OF A PERMIT AND
PAYMENT OF A FEE AND PROOF OF FINANCIAL RESPONSIBILITY.
The owner of a vehicle commonly known as a golf cart, if he has
a valid driver's license, may obtain a permit from the Department
of Highways and Public Transportation upon the payment of a fee of
five dollars and proof of financial responsibility which permits
him to operate the golf cart on a secondary highway or street
within two miles of his residence during daylight hours only.
SECTION 46
TO AMEND SECTION 48-23-135 OF THE 1976 CODE, RELATING TO
AUTHORIZING THE FORESTRY COMMISSION TO BORROW MONEY, SO AS TO
PROVIDE FOR FINANCING ADDITIONAL SEEDLING PRODUCTION FACILITIES,
INCREASE THE AUTHORIZED LOAN AMOUNT, AND REVISE THE TERMS OF THE
LOAN.
Section 48-23-135 of the 1976 Code is amended to read:
"Section 48-23-135. In order to finance the cost of
acquiring land for use as a second generation tree seed orchard and
additional seedling production facilities, the State Forestry
Commission may borrow from one or more financial institutions or
from whatever other source is appropriate, not exceeding two
million dollars for a period of time as needed, not exceeding
twenty years, and upon the terms and conditions the commission,
with the approval of the State Budget and Control Board, agrees
upon."
SECTION 47
TO AMEND SECTION 12-35-550, AS AMENDED, OF THE 1976 CODE, RELATING
TO SALES TAX EXEMPTIONS, SO AS TO FURTHER DEFINE
"MANUFACTURERS" AND "MANUFACTURING" FOR
PURPOSES OF SALES TAX EXEMPTIONS PERTAINING TO THE SALE OF CERTAIN
FUEL AND TO THE SALE OF ELECTRICITY.
A. Section 12-35-550(8) of the 1976 Code is amended to read:
"(8) The gross proceeds of the sale of coal or coke or
other fuel to manufacturers, electric power companies, and
transportation companies for use or consumption in the production
of by-products, for the generation of heat or power used in
manufacturing tangible personal property for sale, for the
generation of electric power or energy for use in manufacturing
tangible personal property for sale or for resale, or for the
generation of motive power for transportation. 'Manufacturers' and
'manufacturing' for purposes of this item must be construed to
include the activities of mining and quarrying."
B. Section 12-35-550(19) of the 1976 Code is amended to read:
"(19) The gross proceeds of the sale of electricity for use
in manufacturing tangible personal property for sale.
'Manufacturing' for purposes of this item includes the activities
of mining and quarrying."
SECTION 48
TO AMEND SECTION 12-35-710 OF THE 1976 CODE, RELATING TO THE
ACCOMMODATIONS TAX, SO AS TO
EXEMPT MEALS AND OTHER SPECIAL ITEMS IN PROMOTIONAL TOURIST
PACKAGES AND THE RENTAL OF MEETING ROOMS FROM THE DEFINITION OF
TRANSIENT ACCOMMODATIONS TO WHICH THE ACCOMMODATIONS TAX APPLIES.
Section 12-35-710(1) of the 1976 Code is amended by adding after
the first paragraph:
"The provisions of this article do not apply to meals and
other special items in promotional tourist packages or the rental
of meeting rooms."
SECTION 49
TO AMEND SECTIONS 40-11-130, 40-11-200, AND 40-11-230 OF THE 1976
CODE, RELATING TO GENERAL OR MECHANICAL CONTRACTORS' LICENSE FEES,
PRIME CONTRACTORS' BIDDERS' LICENSE FEES, AND RENEWAL FEES, SO AS
TO INCREASE THE FEES.
A. Section 40-11-130 of the 1976 Code is amended to read:
"Section 40-11-130. Anyone desiring to be licensed as a
general or mechanical contractor in this State shall file with the
board, thirty days before any regular or special board meeting, a
written application on a form as may be prescribed by the board,
for examination by the board. The application must be accompanied
by the payment of a contractor's license fee of one hundred ten
dollars. If the application is satisfactory to the board, the
applicant is entitled to an examination to determine his
qualifications."
B. Section 40-11-200 of the 1976 Code is amended to read:
"Section 40-11-200. Any person engaging in the business of
general or mechanical contracting as a prime contractor in this
State shall pay an annual bidder's license fee of one hundred
twenty dollars. This fee is due and payable on January first of
each year or before offering or submitting any bid which would
classify him as a general or mechanical contractor. Persons
employed on a per diem or monthly basis or whose sole business is
that of supervision are not required to pay the license fee
prescribed by this section."
C. Section 40-11-230 of the 1976 Code is amended to read:
"Section 40-11-230. Bidders' and contractors' licenses
expire on the last day of December following the date of issuance,
but renewal of a contractor's license may be effected at any time
during the month of January without examination upon the payment of
a fee of one hundred ten dollars to the secretary of the board and
the filing with the board of a renewal application upon the
prescribed form."
SECTION 50
TO AMEND ACT 540 OF 1986, THE GENERAL APPROPRIATIONS ACT, BY
REPEALING THE REQUIREMENT FOR THE DEPARTMENT OF EDUCATION TO
TRANSFER EDUCATION IMPROVEMENT ACT FUNDS TO THE COMMISSION ON
HIGHER EDUCATION FOR TEACHER RECRUITMENT.
Section 16, Part II of Act 540 of 1986 is repealed.
SECTION 51
TO AMEND SECTION 12-7-616 OF THE 1976 CODE, RELATING TO THE JOBS
CREATION TAX CREDIT, SO AS TO REQUIRE COUNTIES TO BE RANKED AS LESS
DEVELOPED, MODERATELY DEVELOPED, AND DEVELOPED AREAS BASED ON THE
COMBINATION OF PER CAPITA INCOME AND LEVELS OF EMPLOYMENT, AND TO
PROVIDE A ONE THOUSAND DOLLAR TAX CREDIT FOR EACH NEW JOB MORE THAN
TEN CREATED IN LESS DEVELOPED COUNTIES, A SIX HUNDRED DOLLAR TAX
CREDIT FOR EACH NEW JOB MORE THAN EIGHTEEN ADDED IN MODERATELY
DEVELOPED COUNTIES, AND TO PROVIDE A THREE HUNDRED DOLLAR TAX
CREDIT FOR EACH NEW JOB MORE THAN FIFTY ADDED IN DEVELOPED
COUNTIES.
A. Section 12-7-616 of the 1976 Code is amended to read:
"Section 12-7-616. (A) Annually by December thirty-first,
using the most current data available from the South Carolina
Employment Security Commission and the United States Department of
Commerce, the Tax Commission shall rank and designate the state's
counties as provided in this section. The sixteen counties in this
State having a combination of the highest unemployment rate and
lowest per capita income for the most recent thirty-six month
period with equal weight being given to each category are
designated less developed areas. The fifteen counties in the State
with a combination of the next highest unemployment rate and next
lowest per capita income for the most recent thirty-six month
period with equal weight being given to each category are
designated moderately developed areas. The fifteen counties in the
State with a combination of the lowest unemployment rate and the
highest per capita income for the most recent thirty-six month
period with equal weight being given to each category are
designated developed areas. Counties designated by the commission
qualify for the appropriate tax credit for jobs as provided in
subsections (B), (C), and (D). The designation by the commission
is effective for the tax years of permanent business enterprises
which begin after the date of designation. For companies which
plan a significant expansion in their labor forces, the commission
shall prescribe certification procedures to insure that the
companies can claim credits in future years without regard to
whether or not a particular county is removed from the list of less
developed or moderately developed areas.
(B) Permanent business enterprises engaged in manufacturing,
processing, warehousing, wholesaling, research and development, and
service related industries in counties designated by the commission
as less developed areas are allowed a job tax credit for taxes
imposed by Section 12-7-230 equal to one thousand dollars annually
for each new full-time employee job for five years beginning with
years two through six after the creation of the job. The number of
new full-time jobs must be determined by comparing the monthly
average number of full-time employees subject to South Carolina
income tax withholding for the taxable year with the corresponding
period of the prior taxable year. Only those permanent businesses
that increase employment by ten or more in a less developed area
are eligible for the credit. Credit is not allowed during any of
the five years if the net employment increase falls below ten. The
commission shall adjust the credit allowed each year for net new
employment fluctuations above the minimum level of ten.
(C) Permanent business enterprises engaged in manufacturing,
processing, warehousing, wholesaling, research and development, and
service-related industries in counties that have been designated by
the commission as moderately developed areas are allowed a job tax
credit for taxes imposed by Section 12-7-230 equal to six hundred
dollars annually for each new full-time employee job for five years
beginning with years two through six after the creation of the job.
The number of new full-time jobs must be determined by comparing
the monthly average number of full-time employees subject to South
Carolina income tax withholding for the taxable year with the
corresponding period of the prior taxable year. Only those
permanent businesses that increase employment by eighteen or more
in areas that have not been designated less developed areas are
eligible for the credit. The credit is not allowed during any of
the five years if the net employment increase falls below eighteen.
The commission shall adjust the credit allowed each year for net
new employment fluctuations above the minimum level of eighteen.
(D) Permanent business enterprises engaged in manufacturing,
processing, warehousing, wholesaling, research and development, and
service-related industries in counties designated by the commission
as developed areas are allowed a job tax credit for taxes imposed
by Section 12-7-230 equal to three hundred dollars annually for
each new full-time employee job for five years beginning with years
two through six after the creation of the job. The number of new
full-time jobs must be determined by comparing the monthly average
number of full-time employees subject to South Carolina income tax
withholding for the taxable year with the corresponding period of
the prior taxable year. Only those permanent businesses that
increase employment by fifty or more in developed areas are
eligible for the credit. The credit is not allowed during any of
the five years if the net employment increase falls below fifty.
The commission shall adjust the credit allowed each year for net
new employment fluctuations above the minimum level of fifty.
(E) Tax credits for five years for the taxes imposed by Section
12-7-230 must be awarded for additional new full-time jobs created
by business enterprises qualified under subsections (B), (C), and
(D) of this section. Additional new full-time jobs must be
determined by subtracting highest total employment of the business
enterprise during years two through six, or whatever portion of
year two through six completed, from the total increased
employment. The commission shall adjust the credit allowed in the
event of employment fluctuations during the additional five years
of credit.
(F) The sale, merger, acquisition, or bankruptcy of any business
enterprise may not create new eligibility in any succeeding
business entity, but any unused job tax credit may be transferred
and continued by any transferee of the business enterprise. The
commission shall determine whether or not qualifying net increases
or decreases have occurred and may require reports, promulgate
regulations, and hold hearings as needed for substantiation and
qualification.
(G) Any credit claimed under this section but not used in any
taxable year may be carried forward for ten years from the close
of the tax year in which the qualified jobs were established but
the credit established by this section taken in any one tax year
must be limited to an amount not greater than fifty percent of the
taxpayer's state income tax liability which is attributable to
income derived from operations in the State for that year."
B. The amendments to Section 12-7-616 of the 1976 Code contained
in this act are effective for initial credits claimed with respect
to new jobs added after December 31, 1986.
SECTION 52
TO AMEND THE 1976 CODE BY ADDING SECTION 11-1-25, SO AS TO REQUIRE
THE STATE TREASURER TO REPORT MONTHLY ON EARNINGS ON STATE
INVESTMENTS TO THE WAYS AND MEANS COMMITTEE OF THE HOUSE OF
REPRESENTATIVES AND THE SENATE FINANCE COMMITTEE, WITH A COPY TO
THE COMPTROLLER GENERAL, AND TO REQUIRE THE STATE TREASURER AND THE
COMPTROLLER GENERAL TO REPORT QUARTERLY TO THE SAME COMMITTEES THE
LOCATION AND AMOUNT OF INTEREST EARNED ON STATE INVESTMENTS.
Chapter 1, Title 11 of the 1976 Code is amended by adding:
"Section 11-1-25. (A) Notwithstanding any other provision
of law, the State Treasurer shall report from his Cash Management
System, at least on a monthly basis, to the Ways and Means
Committee of the House of Representatives and the Senate Finance
Committee, with a copy forwarded to the Comptroller General, all
details of where State funds are invested, in accordance with
Generally Accepted Accounting Principles (GAAP). Details on
investments must include, but are not limited to, amounts deposited
in banks, securities of any kind, rates earned on each investment,
the term of each investment, investments handled for all public
bodies, and all other investments and earnings on those investments
regardless of their nature.
(B) The State Treasurer shall prepare and submit a quarterly
report to the Senate Finance Committee and House Ways and Means
Committee on the location and on the amount of interest earned
during the quarter.
(C) The Comptroller General shall prepare and submit a quarterly
report to the Ways and Means Committee of the House of
Representatives and the Senate Finance Committee on the location
and on the amount of interest earned during the quarter."
End of Part II
All Acts or parts of Acts inconsistent with any of the provisions
of Part I of this Act are suspended for Fiscal Year 1987-88.
All Acts or parts of Acts inconsistent with any of the provisions
of Part II of this Act are repealed.
Except as otherwise specifically provided herein, this Act takes
effect immediately upon approval by the Governor.
In the Senate House the 4th day of June
In the Year of Our Lord One Thousand Nine Hundred and Eighty-Seven.
Nick A. Theodore,
President of the
Senate
Robert J. Sheheen,
Speaker of the House of
Representatives
Became law without signature of the Governor.
PLEASE NOTE
An asterisk and brackets *[ ] indicate items vetoed by the Governor
on June 22, 1987. Because of questions relative to the ultimate
disposition of these line item vetoes, this document may not
reflect the final version of the 1987-88 General Appropriations
Act. (NOTE: The totals shown herein have not been adjusted to
reflect the vetoes in question. Given uncertainties as to the
disposition of these vetoes as well as subsequent Budget and
Control Board actions, users of the information in this document
are advised to consult with the Comptroller General or the Attorney
General if they have any questions as to the validity of any
particular item.)
Provisions not vetoed by the Governor took effect June 22, 1987.