Current Status Introducing Body:Senate Bill Number:303 Primary Sponsor:Passailaigue Committee Number:06 Type of Legislation:JR Subject:Income tax refund provisions Residing Body:Senate Current Committee:Finance Computer Document Number:303 Introduced Date:19930127 Last History Body:Senate Last History Date:19930127 Last History Type:Introduced, read first time, referred to Committee Scope of Legislation:Statewide All Sponsors:Passailaigue Giese Type of Legislation:Joint Resolution
Bill Body Date Action Description CMN Leg Involved
____ ______ ____________ ______________________________ ___ ____________
303 Senate 19930127 Introduced, read first time, 06
referred to Committee
View additional legislative information at the LPITS web site.
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 made 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 three-year promissory notes to each person for whom the State has a liability. These notes shall bear a rate of interest, at the time of issuance, at seventy-five percent of the prevailing three-year U.S. Treasury note. A note may be redeemed for face value plus interest per annum in one-year intervals from the point of issuance.
(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.