South Carolina General Assembly
115th Session, 2003-2004

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Bill 550

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COMMITTEE REPORT

April 9, 2003

S. 550

Introduced by Senator Leatherman

S. Printed 4/9/03--S.

Read the first time April 2, 2003.

            

THE COMMITTEE ON FINANCE

To whom was referred a Joint Resolution (S. 550) to allow the Department of Revenue and the State Treasurer's Office to adjust misallocations of local option sales tax revenue collections and distributions in fiscal year 2001-2002 during the succeeding two, etc., respectfully

REPORT:

That they have duly and carefully considered the same and recommend that the same do pass:

HUGH K. LEATHERMAN, SR. for Committee.

            

A JOINT RESOLUTION

TO ALLOW THE DEPARTMENT OF REVENUE AND THE STATE TREASURER'S OFFICE TO ADJUST MISALLOCATIONS OF LOCAL OPTION SALES TAX REVENUE COLLECTIONS AND DISTRIBUTIONS IN FISCAL YEAR 2001-2002 DURING THE SUCCEEDING TWO FISCAL YEARS FOR THE PURPOSE OF PROVIDING A ONETIME CORRECTED BASE FOR THE USE OF THE STATE TREASURER'S OFFICE IN CALCULATING FUTURE DISTRIBUTIONS AND PROVIDE THE MANNER IN WHICH THE STATE TREASURER'S OFFICE SHALL USE THE ADJUSTED AMOUNT FOR FUTURE DISTRIBUTIONS.

Be it enacted by the General Assembly of the State of South Carolina:

SECTION    1.    The South Carolina Department of Revenue and the State Treasurer's Office may adjust misallocations of fiscal year 2001-2002 local option sales tax collections and distributions within a county area during fiscal year 2002-2003, or fiscal year 2003-2004. To comply with the provisions of Section 4-10-70 of the 1976 Code, the State Treasurer's Office may adjust the previous fiscal year's local option sales tax distribution received by an eligible unit within a county area to reflect this adjusted amount. This adjusted amount will then be the amount compared to the actual current fiscal year distributions of local option sales tax. For purposes of this section, local option sales tax means the sales and use tax imposed in a county area pursuant to Article 1, Chapter 10, Title 4 of the 1976 Code.

SECTION    2.    This joint resolution takes effect upon approval by the Governor.

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