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TO AMEND SECTION 4-10-10, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO DEFINITIONS FOR PURPOSES OF THE LOCAL OPTION SALES TAX SO AS TO DELETE THE DEFINITION FOR "MINIMUM DISTRIBUTION", TO REPEAL SECTION 4-10-60, RELATING TO THE REQUIREMENT THAT A PORTION OF THE REVENUE IN EXCESS OF FIVE MILLION DOLLARS OF LOCAL OPTION SALES TAX REVENUE COLLECTED IN A COUNTY BE DISTRIBUTED TO OTHER COUNTIES TO PROVIDE THE MINIMUM DISTRIBUTION IN COUNTIES WHERE REVENUES OF THIS TAX ARE LESS THAN THE MINIMUM DISTRIBUTION.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 4-10-10(4) of the 1976 Code, as added by Act 317 of 1990, is amended to read:
'Minimum distribution' means an amount equal to two million dollars for the first distribution and after that adjusted annually on a cumulative basis by a percentage equal to the increase in revenues credited to the Education Improvement Act Fund for the most recently completed fiscal year over the revenues credited to that fund in the preceding fiscal year."
SECTION 2. Section 4-10-60 of the 1976 Code is repealed.
SECTION 3. This act takes effect July 1, 2004.
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