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AMENDED--NOT PRINTED IN THE HOUSE
Amt. No. 1A (Doc. Name council\gjk\amend\21477sd00.doc)
June 1, 2000
Introduced by Reps. Kelley, Keegan, Witherspoon, Edge, Miller, Simrill, Rhoad, Altman, Barrett, Battle, Campsen, Davenport, Emory, Limehouse, R. Smith, Vaughn, Walker and Wilkes
S. Printed 5/31/00--S.
Read the first time May 2, 2000.
TO AMEND SECTION 12-24-40, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO DEEDS EXEMPTED FROM THE STATE'S DEED RECORDING FEE, SO AS TO ALLOW AN EXEMPTION FOR DEEDS THAT TRANSFER REALTY FROM AN AGENT TO THE AGENT'S PRINCIPAL IN WHICH THE REALTY WAS PURCHASED WITH FUNDS OF THE PRINCIPAL.
Amend Title To Conform
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 12-24-40 of the 1976 Code, as added by Part II, Section 57A of Act 458 of 1996 and last amended by Act 324 of 1998, is further amended by adding at the end an appropriately numbered item as follows:
"( ) transferring realty from an agent to the agent's principal in which the realty was purchased with funds of the principal, provided that a notarized document is also filed with the deed that establishes the fact that the agent and principal relationship existed at the time of the original purchase as well as for the purpose of purchasing the realty."
SECTION 2. The Department of Revenue may amend the 2000 Index of Taxpaying Ability, as defined in Section 59-20-20(3), up to July 1, 2000 for the purposes of calculating the 2000 Index of Taxpaying Ability.
SECTION 3. A. The 1976 Code is amended by adding:
"Section 59-21-1015. The revenue that would have been derived from the sales tax exemption for food items which may be purchased lawfully with USDA food coupons must be deposited from the state general fund by the Comptroller General as provided by Section 11-11-150 to the Educational Improvement Act fund established in Section 59-21-1010 and to other accounts as required to implement Section 59-21-1016."
B. The 1976 Code is amended by adding:
"Section 59-21-1016. General fund appropriations for any fiscal year made for the support of the public school system of the State must be greater than or equal to the revenues derived from the General Retail Sales Tax, the Soft Drinks Tax, and the state's portion of the Alcoholic Liquors Tax and Cable Television fees as forecasted in the general fund revenue estimate of the Board of Economic Advisors. Appropriations for the support of the public school system shall include the following:
Department of Education;
State Board for Technical and Comprehensive Education;
Educational Television Commission;
Wil Lou Gray Opportunity School;
School for the Deaf and Blind;
John de la Howe School;
debt service on capital improvement bonds applicable to the above agencies;
debt service on school bonds;
other school purposes provided by law.
The revenue that would have been derived from the sales tax exemption for food items which may lawfully be purchased with USDA food coupons shall nevertheless be considered as general retail sales tax revenue for purposes of this section."
C. Section 11-11-150(A) of the 1976 Code, as added by Act 419 of 1998, is amended by adding:
"(5) Section 59-21-1015 for the sales tax exemption on food."
SECTION 4. This act takes effect upon approval by the Governor and applies with respect to deeds recorded on and after that date.
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