Current Status Introducing Body:Senate Bill Number:1484 Ratification Number:409 Act Number:525 Primary Sponsor:J. Verne Smith Type of Legislation:JR Subject:SHIMS Fund Date Bill Passed both Bodies:Apr 29, 1992 Computer Document Number:JIC/6510.HC Governor's Action:S Date of Governor's Action:May 04, 1992 Introduced Date:Apr 16, 1992 Last History Body:------ Last History Date:Oct 07, 1992 Last History Type:Act No. 525 Scope of Legislation:Statewide All Sponsors:J. Verne Smith Leatherman Stilwell Mitchell Drummond Macaulay McConnell Peeler Thomas Russell Reese Courtney Type of Legislation:Joint Resolution
Bill Body Date Action Description CMN ---- ------ ------------ ------------------------------ --- 1484 ------ Oct 07, 1992 Act No. 525 1484 ------ May 04, 1992 Signed by Governor 1484 ------ Apr 30, 1992 Ratified R 409 1484 House Apr 29, 1992 Read third time, enrolled for ratification 1484 House Apr 28, 1992 Read second time 1484 House Apr 22, 1992 Introduced, read first time, placed on Calendar without reference 1484 Senate Apr 21, 1992 Read third time, sent to House 1484 Senate Apr 20, 1992 Read second time 1484 Senate Apr 16, 1992 Unanimous consent for second and third reading on the next two consecutive Legislative days 1484 Senate Apr 16, 1992 Introduced, read first time, placed on Calendar without referenceView additional legislative information at the LPITS web site.
(R409, S1484)
A JOINT RESOLUTION TO PROVIDE THAT FOR FISCAL YEAR 1992-93 ONLY, THE FIRST TWENTY MILLION DOLLARS RATHER THAN THE FIRST TEN MILLION DOLLARS IN SHIMS TAX REVENUES MUST BE CREDITED TO THE ECONOMIC DEVELOPMENT ACCOUNT AND USED FOR A SPECIAL ECONOMIC DEVELOPMENT PROJECT AND TO PROVIDE THAT, IF THE ADDITIONAL REVENUES ARE NOT NEEDED FOR THE PROJECT, THE TEN MILLION DOLLARS REVERT TO THE SHIMS FUND.
Be it enacted by the General Assembly of the State of South Carolina:
Temporary SHIMS tax revenue increase to fund special economic development project
SECTION 1. Notwithstanding the provisions of Section 12-27-1270 of the 1976 Code and from July 1, 1992, through June 30, 1993, only, the first twenty million dollars rather than the first ten million dollars generated from the tax imposed pursuant to Article 13, Chapter 27, Title 12 of the 1976 Code must be segregated in the separate economic development account and the additional ten million dollars must be used for a special economic development project. If the additional revenues are not needed for this special project, the ten million dollars revert to the SHIMS Fund.
Time effective
SECTION 2. This joint resolution takes effect upon approval by the Governor.
In the Senate House April 30, 1992.
Nick A. Theodore,
President of the Senate
Robert J. Sheheen,
Speaker of the House of
Representatives
Approved the 4th day of May, 1992.
Carroll A. Campbell, Jr.,
Governor
Printer's Date -- May 26, 1992 -- S.