South Carolina General Assembly
120th Session, 2013-2014

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Bill 911

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

Indicates Matter Stricken

Indicates New Matter

COMMITTEE REPORT

March 26, 2014

S. 911

Introduced by Senator Peeler

S. Printed 3/26/14--S.

Read the first time January 14, 2014.

            

THE COMMITTEE ON FINANCE

To whom was referred a Bill (S. 911) to amend the Code of Laws of South Carolina, 1976, by repealing Section 4-10-470 relating to the Education Capital Improvements Sales and Use Tax, etc., respectfully

REPORT:

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

Amend the bill, as and if amended, by adding an appropriately numbered SECTION to read:

/    SECTION    ___.    Section 4-10-460 of the 1976 Code, as added by Act 316 of 2008, is amended to read:

"Section 4-10-460.    The tax authorized in this article may be renewed and imposed within a county in the same manner as proceedings for the initial imposition of the tax. A referendum on the question of reimposition of a tax must not be held more earlier than within the calendar year which is two years before the date upon calendar year in which the tax then in effect is scheduled to terminate, but any reimposition is effective immediately upon the termination of the tax previously imposed."        /

Renumber sections to conform.

Amend title to conform.

Majority favorable.    Minority unfavorable.

HUGH K. LEATHERMAN, SR.    KEVIN L. BRYANT

For Majority.        For Minority.

            

STATEMENT OF ESTIMATED FISCAL IMPACT

REVENUE IMPACT 1/

This bill would affect the eligibility requirements concerning the Education Capital Improvements Sales and Use Tax. Removing section 4-10-470 would allow the remaining 44 of the 46 counties in the state to impose this tax.

Explanation

Pursuant to section 4-10-470 of the Code of Laws of South Carolina, in order to impose the Education Capital Improvements Sales and Use Tax, a county is required to have collected at least $7 million in state accommodations taxes in a full fiscal year. Currently, Charleston and Horry County are the only eligible counties; both counties impose the Education Capital Improvements Sales and Use Tax. Removing this section would make all remaining counties eligible to impose this tax.

Approved By:

Frank A. Rainwater

Board of Economic Advisors

1/ This statement meets the requirement of Section 2-7-71 for a state revenue impact by the BEA, or Section 2-7-76 for a local revenue impact or Section 6-1-85(B) for an estimate of the shift in local property tax incidence by the Office of Economic Research.

A BILL

TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY REPEALING SECTION 4-10-470 RELATING TO THE EDUCATION CAPITAL IMPROVEMENTS SALES AND USE TAX, SO AS TO DELETE THE REQUIREMENT THAT A COUNTY MUST COLLECT AT LEAST SEVEN MILLION DOLLARS IN A YEAR IN STATE ACCOMMODATIONS TAXES BEFORE IMPOSING THE TAX.

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

SECTION    1.    Section 4-10-470 of the 1976 Code, as added by Act 316 of 2008, is repealed.

SECTION    2.    This act takes effect upon approval by the Governor.

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