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TO AMEND SECTION 6-27-30, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO FUNDING OF THE LOCAL GOVERNMENT FUND, SO AS TO INCREMENTALLY RESTORE THE LAWFUL FUNDING LEVEL OF THE LOCAL GOVERNMENT FUND; AND TO AMEND SECTION 6-27-50, RELATING TO AMENDING OR REPEALING PROVISIONS OF THE STATE AID TO SUBDIVISIONS ACT, SO AS TO PROVIDE THAT SUCH PROVISIONS MAY NOT BE SUSPENDED EXCEPT IN SEPARATE LEGISLATION SOLELY FOR THAT PURPOSE.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 6-27-30 of the 1976 Code is amended to read:
In the annual general appropriations act, an amount equal to not less than four and one-half percent of general fund revenues of the latest completed fiscal year must be appropriated to the Local Government Fund.
(A) For purposes of this section:
(1) 'Base-year amount' means the total Local Government Fund appropriation for Fiscal Year 2014-2015.
(2) 'Formula amount' means four and one-half percent of general fund revenues of the latest completed fiscal year.
(B)(1) For Fiscal Year 2015-2016, the Local Government Fund must be funded in the amount equal to the base-year amount plus thirty-three percent of the difference between the base-year amount and the formula amount.
(2) For Fiscal Year 2016-2017, the Local Government Fund must be funded in the amount equal to the base-year amount plus sixty-six percent of the difference between the base-year amount and the formula amount;
(3) For Fiscal Year 2017-2018, and all subsequent fiscal years, the Local Government Fund must be funded at the formula amount.
(C) In calculating estimated state individual and corporate income tax revenues for a fiscal year the Board of Economic Advisors shall deduct amounts necessary to fund the Local Government Fund for the fiscal year pursuant to this section. The amount deducted is unavailable for appropriation in the applicable fiscal year and instead must be credited to the Local Government Fund for distribution as provided pursuant to this chapter."
SECTION 2. Section 6-27-50 of the 1976 Code is amended to read:
"Section 6-27-50. No section of this chapter may be amended, suspended, or repealed except in separate legislation solely for that purpose."
SECTION 3. This act takes effect upon approval by the Governor.
This web page was last updated on February 19, 2015 at 11:28 AM