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227Type of Legislation: General Bill GBIntroducing Body: SenateIntroduced Date: 19990112Primary Sponsor: McConnellAll Sponsors: McConnell, Elliott, Passailaigue, Wilson, McGill, ReeseDrafted Document Number: l:\council\bills\kgh\15131htc99.docResiding Body: SenateCurrent Committee: Finance Committee 06 SFSubject: Hunley Trust Fund, contributions, income tax return forms; Taxation, Natural Resources DepartmentHistory Body Date Action Description Com Leg Involved ______ ________ ______________________________________ _______ ____________ Senate 19990112 Introduced, read first time, 06 SF referred to Committee Senate 19981216 Prefiled, referred to Committee 06 SF Versions of This Bill
TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTIONS 12-6-5090 AND 54-7-110 SO AS TO PROVIDE A DESIGNATION ON STATE INDIVIDUAL INCOME TAX FORMS ENABLING A TAXPAYER TO MAKE A CONTRIBUTION TO THE HUNLEY TRUST FUND AND PROVIDING FOR THE ESTABLISHMENT OF THE HUNLEY TRUST FUND UNDER THE ADMINISTRATION OF THE HUNLEY COMMISSION, TO AUTHORIZE THE FUND TO RECEIVE AND INVEST CONTRIBUTIONS, AND TO PROVIDE FOR THE USE OF THE CONTRIBUTIONS.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Article 37, Chapter 6, Title 12 of the 1976 Code is amended by adding:
"Section 12-6-5090. (A) Each individual taxpayer required to file a state income tax return who desires to contribute to the Hunley Trust Fund established pursuant to Section 54-7-110 may designate the contribution on the appropriate state income tax form. The contribution may not increase or decrease the income tax liability of the taxpayer and may be made by reducing the income tax refunds of the taxpayer by the amount designated or by accepting additional payment from the taxpayer by the amount designated, whichever is appropriate.
(B) All South Carolina individual income tax return forms must contain a designation for a contribution to the Hunley Trust Fund. The instructions accompanying income tax forms must contain a description of the purposes for which the Hunley Trust Fund was established and the use of the monies from income tax contributions.
(C) Taxpayers who are entitled to refunds shall have the refunds reduced by the amount designated by the taxpayer. The department shall determine annually the total amount so designated, plus the amount received in excess payments so designated, and shall report the total amount to the State Treasurer. The department shall transfer the total amount to the Hunley Trust Fund at the earliest possible time."
SECTION 2. Article 1, Chapter 7, Title 54 of the 1976 Code is amended by adding:
"Section 54-7-110. (A) The Hunley Commission shall cause the creation of the Hunley Trust Fund, an eleemosynary corporation to finance the recovery, preservation, exhibition, and protection of the H. L. Hunley. The commission shall appoint a board of directors for the corporation. The board shall perform the necessary actions to file as a private, nonprofit eleemosynary organization under applicable state and federal law. The board of directors of the Hunley Trust Fund shall carry out those activities necessary to administer the fund. The Hunley Commission must approve any expenditures from the fund. The board is not authorized to bind the State in any manner, whether by contract or otherwise.
(B) To carry out its assigned functions to the extent permitted under subsection (A), the board may:
(1) receive gifts, bequests, and devises for deposit and investment into the Hunley Trust Fund;
(2) invest Hunley Trust Fund monies;
(3) expend funds to recover, preserve, exhibit, and protect the Hunley, as authorized by the Hunley Commission;
(4) solicit proposals for projects to accomplish these purposes.
(C) The board shall make a complete report of the activities of the Hunley Trust Fund annually to the General Assembly and the State Auditor.
(D) Funds from the receipt of contributions pursuant to Section 12-6-5090 must be deposited in the trust fund for disbursement as prescribed by this section."
SECTION 3. This act takes effect upon approval by the Governor.
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