Amend the bill, as and if amended, Part IA, Section 110, AID TO SUBDIVISIONS - STATE TREASURER, page 323, by inserting after line 28,
Column 7 Column 8
/Income Tax Rebate Fund 50,000,000 50,000,000/
Amend the bill further, as and if amended, Part IB, Section 110, STATE TREASURER - AID TO SUBDIVISIONS, page 495, after line 32, by adding an appropriately numbered new proviso to read:
/ 110.___. (AS-TREAS: Tax Relief) (A) There is created a separate and distinct fund in the State Treasury known as the Income Tax Rebate Fund. The fund is comprised of monies directed to the fund by this act. The fund must be used to provide an income tax rebate to all South Carolina income taxpayers. The rebate shall be the amount produced when multiplying a fraction in which the number of taxpayers on the return is the numerator and the denominator is the number of total taxpayers in the most completed tax year, multiplied by the balance in the Income Tax Rebate Fund.
(B) The rebate must be made to each South Carolina income taxpayer as soon as practicable after the taxpayer files a South Carolina income tax return for the 2013 tax year, and no later than June 30, 2014, and may be combined with any rebate due to the taxpayer. An income taxpayer who files an income tax form or requests an extension after the filing deadline is not eligible for the rebate provided by this provision. /
Renumber sections to conform.
Amend sections, totals and title to conform.