Current Status Introducing Body:Senate Bill Number:647 Primary Sponsor:Passailaigue Committee Number:06 Type of Legislation:JR Subject:Davis V. Michigan Residing Body:Senate Current Committee:Finance Computer Document Number:647 Introduced Date:19930407 Last History Body:Senate Last History Date:19930407 Last History Type:Introduced, read first time, referred to Committee Scope of Legislation:Statewide All Sponsors:Passailaigue Type of Legislation:Joint Resolution
Bill Body Date Action Description CMN Leg Involved
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647 Senate 19930407 Introduced, read first time, 06
referred to Committee
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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 paid 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 five-year serial bonds pledging the full faith and credit of the State for the amount for which the State is liable and issue to each person for whom the State has a liability a note for the amount owed. The notes must be issued within three months of the effective date of this act. The notes are redeemable in annual installments coinciding with the maturity date of the serial bonds, beginning on the anniversary date of the issuance of the bonds, with annual redemptions thereafter for the remaining four years. These notes shall bear a rate of interest at the time of issuance at seventy-five percent of the prevailing five-year United States Treasury note. The notes are redeemable in annual installments coinciding with the maturity date of the serial bonds beginning on the anniversary date of the issuance of the bonds with annual redemptions for a period not to exceed five years.
(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.