H 3334 Session 114 (2001-2002)
H 3334 General Bill, By Clyburn, Battle, J. Brown, R. Brown, Carnell, Cooper,
Gourdine, Govan, Hayes, Hosey, Howard, Jennings, Kennedy, Knotts, McLeod, Ott,
Parks, Rhoad, Rutherford, Scott, Sharpe, D.C. Smith, F.N. Smith, J.E. Smith and
J.R. Smith
A BILL TO AMEND SECTION 12-8-530, CODE OF LAWS OF SOUTH CAROLINA, 1976,
RELATING TO WITHHOLDING OF A PERCENTAGE OF PRIZE WINNINGS FOR STATE INCOME
TAX, SO AS TO ALLOW THE RECIPIENT TO ELECT TO HAVE THE WITHHELD AMOUNT PAID
OVER TO THE PUBLIC SCHOOL, SCHOOL DISTRICT, OR INSTITUTION OF HIGHER LEARNING
OF HIS CHOICE.
01/24/01 House Introduced and read first time HJ-21
01/24/01 House Referred to Committee on Ways and Means HJ-21
A BILL
TO AMEND SECTION 12-8-530, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO WITHHOLDING OF A PERCENTAGE OF PRIZE WINNINGS FOR STATE INCOME TAX, SO AS TO ALLOW THE RECIPIENT TO ELECT TO HAVE THE WITHHELD AMOUNT PAID OVER TO THE PUBLIC SCHOOL, SCHOOL DISTRICT, OR INSTITUTION OF HIGHER LEARNING OF HIS CHOICE.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 12-8-530(A) of the 1976 Code is amended to read:
"(A)(1) A person distributing prizes or winnings to a resident or nonresident of five hundred dollars or more shall withhold seven percent of each distribution made to an individual, partnership, trust, or estate and five percent of each distribution made to a corporation or other entity.
(2) The prize recipient may elect to have the person distributing the prize pay over the amount withheld to a public school, public school district, or public institution of higher learning in this State as designated by the prize recipient."
SECTION 2. This act takes effect upon approval by the Governor and applies to prizes won after that date.
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