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Indicates Matter Stricken
Indicates New Matter
Indicates Matter Stricken
Indicates New Matter
COMMITTEE REPORT
February 5, 2003
S. 197
S. Printed 2/5/03--S. [SEC 2/6/03 4:26 PM]
Read the first time January 16, 2003.
To whom was referred a Bill (S. 197) to amend Section 59-149-50, Code of Laws of South Carolina, 1976, so as to allow students completing three of the final four years of high school in South Carolina, etc., respectfully
That they have duly and carefully considered the same and recommend that the same do pass:
HUGH K. LEATHERMAN, SR. for Committee.
EXPLANATION OF IMPACT:
The Commission on Higher Educations estimates that passage of this legislation would qualify a minimum of 23 additional students for a LIFE Scholarship based upon the expanded criteria. Assuming all 23 students attend one of the State's four-year public or private institutions the scholarship cost is estimated at $115,000 (23 Students X $5,000 LIFE Scholarship).
The General Assembly at its discretion may choose to appropriate general funds to cover these additional costs or may choose to use Lottery appropriations.
SPECIAL NOTES:
The Board of Economic Advisors is the appropriate agency to address any revenue impact of this legislation.
Approved By:
Don Addy
Office of State Budget
REVENUE IMPACT 1/
This bill is expected to reduce general fund individual income tax revenue by $70,100 in FY 2003-04 and every year afterwards.
Explanation
This bill would apply a tax credit for tuition and fees of students in public institutions of higher education who have attended three of four years of high school in state but who have graduated out of state. Under current law, a student has to graduate from a high school in South Carolina or a preparatory school outside South Carolina, while the parents remain in state for the parents to get the tax credit. This bill will allow parents who move from the state after the child has attended three years of high school to get the tax credit. We estimate that 20 taxpayers will take the $850 credit and three will take the $350 credit. This credit would apply to tuition and fees for four years of students in four-year institutions and two years of students at two-year institutions. This will reduce revenues from the State income tax by $70,100 in FY 2003-04.
Approved By:
William C. Gillespie
Board of Economic Advisors
1/ This statement meets the requirement of Section 2-7-71 for a state revenue impact, Section 2-7-76 for a local revenue impact, and Section 6-1-85(B) for an estimate of the shift in local property tax incidence by the Office of Economic Research.
TO AMEND SECTION 59-149-50, CODE OF LAWS OF SOUTH CAROLINA, 1976, SO AS TO ALLOW STUDENTS COMPLETING THREE OF THE FINAL FOUR YEARS OF HIGH SCHOOL IN SOUTH CAROLINA TO BE ELIGIBLE FOR THE LIFE SCHOLARSHIP IF ALL OTHER QUALIFICATIONS ARE MET AND TO AMEND SECTION 12-6-3385 SO AS TO ALLOW STUDENTS A REFUNDABLE TAX CREDIT IF THEY COMPLETE THREE OF THE FINAL FOUR YEARS OF HIGH SCHOOL IN SOUTH CAROLINA IF ALL OTHER REQUIREMENTS ARE MET.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 59-149-50(A) of the 1976 Code is amended to read:
"(A) To be eligible for a LIFE Scholarship, a student must be either a member of a class a student who has graduating graduated from a high school located in this State, a student who has completed at least three of the final four years of high school within this State, a home school student who has successfully completed a high school home school program in this State in the manner required by law, or a student who has graduating graduated from a preparatory high school outside this State, while a dependent of a parent or guardian who is a legal resident of this State and has custody of the dependent. , and these students These students must also meet the requirements of subsection (B) and be eligible for in-state tuition and fees as determined pursuant to Chapter 112 of Title 59 and applicable regulations. In addition, beginning with the 1998-99 school year for those students who graduate from high school on or after May 1998 the student must have graduated from high school with a minimum of a 3.0 cumulative grade average on a 4.0 scale and have scored 1000 or better on the Scholastic Aptitude Test (SAT) or have the equivalent ACT score, 1050 or better, beginning with school year 2000-2001, and 1100 or better, beginning with school year 2002-2003; provided that, if the student is to attend such a public or independent two-year college or university in this State, including a technical college, the SAT requirement does not apply. If a student chooses to attend such a public or independent institution of this State and does not make the required SAT score or the required high school grade point average, as applicable, the student may earn a LIFE Scholarship after his freshman year if he meets the grade point average and semester credit hour requirements of subsection (B)."
SECTION 2. Section 12-6-3385(B)(3)(i) of the 1976 Code is amended to read:
"(i) graduated from a high school in this State or attended at least three of the final four years of high school within this State;"
SECTION 3. This act takes effect upon approval by the Governor.
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