South Carolina General Assembly
123rd Session, 2019-2020

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Indicates Matter Stricken
Indicates New Matter

S. 753

STATUS INFORMATION

General Bill
Sponsors: Senator Gambrell
Document Path: l:\council\bills\nbd\11288dg19.docx

Introduced in the Senate on April 10, 2019
Currently residing in the Senate Committee on Banking and Insurance

Summary: Insurance premium tax

HISTORY OF LEGISLATIVE ACTIONS

     Date      Body   Action Description with journal page number
-------------------------------------------------------------------------------
   4/10/2019  Senate  Introduced and read first time (Senate Journal-page 6)
   4/10/2019  Senate  Referred to Committee on Banking and Insurance 
                        (Senate Journal-page 6)

View the latest legislative information at the website

VERSIONS OF THIS BILL

4/10/2019

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

A BILL

TO AMEND SECTION 38-7-20, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO INSURANCE PREMIUM TAXES, SO AS TO TRANSFER ONE PERCENT OF THE REVENUES TO THE V-SAFE PROGRAM; AND TO TRANSFER CERTAIN FUNDS TO THE V-SAFE PROGRAM.

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

SECTION    1.    Section 38-7-20(B)(2) of the 1976 Code, as last amended by Act 6 of 2019, is further amended to read:

"(2)    one percent must be transferred to the aid to fire districts account within the State Treasury and distributed for firefighting equipment. One-half of the annual allocated funds must be distributed equally to each fire department in the State, and the remaining balance must be used to fund the V-SAFE program pursuant to Section 23-9-25;"

SECTION    2.    On July 1, 2019, the State Treasurer shall transfer to the V-SAFE Program any funds in the aid to fire districts account that are attributable to insurance premium taxes credited to the account pursuant to Section 38-7-20.

SECTION    3.    This act takes effect July 1, 2019.

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This web page was last updated on April 12, 2019 at 10:47 AM