South Carolina General Assembly
116th Session, 2005-2006

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Indicates Matter Stricken
Indicates New Matter

S. 168

STATUS INFORMATION

General Bill
Sponsors: Senator Elliott
Document Path: l:\council\bills\ggs\22839htc05.doc

Introduced in the Senate on January 11, 2005
Currently residing in the Senate Committee on Finance

Summary: Fifty percent of annual general fund revenue growth to be used to reduce the state income tax

HISTORY OF LEGISLATIVE ACTIONS 

     Date      Body   Action Description with journal page number
-------------------------------------------------------------------------------
  12/15/2004  Senate  Prefiled
  12/15/2004  Senate  Referred to Committee on Finance
   1/11/2005  Senate  Introduced and read first time SJ-162
   1/11/2005  Senate  Referred to Committee on Finance SJ-162

View the latest legislative information at the LPITS web site

VERSIONS OF THIS BILL

12/15/2004

(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

A BILL

TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 11-11-190 SO AS TO REQUIRE, BEGINNING FOR FISCAL YEAR 2005-2006, FIFTY PERCENT OF ANNUAL GENERAL FUND REVENUE GROWTH TO BE USED TO REDUCE THE STATE INCOME TAX, TO LIMIT ANNUAL GROWTH IN GENERAL FUND APPROPRIATIONS TO THREE PERCENT, AND TO PROVIDE FOR THE USE OF SURPLUS REVENUE CREATED BY THIS LIMITATION ON APPROPRIATIONS FOR SCHOOL CONSTRUCTION AND OTHER NONRECURRING PROJECTS AS THE GENERAL ASSEMBLY MAY DETERMINE.

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

SECTION    1.    Article 1, Chapter 11, Title 11 of the 1976 Code is amended by adding:

"Section 11-11-190.    (A)    Notwithstanding any other provision of law, one-half of estimated recurring annual general fund revenue growth must be used to offset state individual income tax reductions that the General Assembly shall provide by law.

(B)    After providing the income tax reductions provided in subsection (A), and in addition to all other constitutional and statutory limits on appropriations, total general fund appropriations for a fiscal year, not including the appropriation of nonrecurring revenues, may not exceed the total of such appropriations in the preceding fiscal year by more than three percent.

(C)    Estimated general fund revenues not available for appropriation pursuant to subsections (A) and (B) of this section must be appropriated by the General Assembly for school construction and for such other nonrecurring purposes as the General Assembly may provide."

SECTION    2.    This act takes effect upon approval by the Governor and first applies for fiscal year 2005-2006.

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