H*4082 Session 119 (2011-2012)
H*4082(Rat #0296, Act #0271 of 2012) General Bill, By Vick, Edge, Hiott, Hayes,
R.L. Brown, Jefferson, Bowers, Anthony, Skelton, Williams, McLeod, G.M. Smith,
Weeks, Gilliard, Agnew, Horne, Funderburk, Tribble, Pinson, Clemmons and
Neilson
AN ACT TO AMEND SECTION 38-7-20, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA,
1976, RELATING TO THE IMPOSITION OF THE INSURANCE PREMIUM TAX, SO AS TO
PROVIDE THAT BEGINNING JULY 1, 2013, THROUGH JUNE 30, 2017, 2.25 PERCENT OF
THE ANNUAL REVENUE OF THIS TAX MUST BE TRANSFERRED TO THE SOUTH CAROLINA
FORESTRY COMMISSION AND USED BY IT FOR FIREFIGHTING AND FIREFIGHTING EQUIPMENT
REPLACEMENT. - ratified title
04/13/11 House Introduced and read first time (House Journal-page 20)
04/13/11 House Referred to Committee on Ways and Means
(House Journal-page 20)
05/04/11 House Member(s) request name added as sponsor: Hiott
01/12/12 House Member(s) request name added as sponsor: Hayes,
R.L.Brown
01/18/12 House Member(s) request name added as sponsor: Jefferson
01/24/12 House Member(s) request name added as sponsor: Bowers,
Anthony
01/31/12 House Member(s) request name added as sponsor: Skelton
02/02/12 House Member(s) request name added as sponsor: Williams
02/08/12 House Member(s) request name added as sponsor: McLeod
02/09/12 House Member(s) request name added as sponsor:
G.M.Smith, Weeks
02/22/12 House Member(s) request name added as sponsor: Gilliard
03/01/12 House Member(s) request name added as sponsor: Agnew
03/12/12 House Member(s) request name added as sponsor: Horne
03/14/12 House Member(s) request name added as sponsor:
Funderburk, Tribble, Pinson
04/19/12 House Committee report: Favorable with amendment Ways
and Means (House Journal-page 8)
04/25/12 House Member(s) request name added as sponsor:
Clemmons, Neilson
04/26/12 House Amended (House Journal-page 61)
04/26/12 House Read second time (House Journal-page 61)
04/26/12 House Roll call Yeas-103 Nays-0 (House Journal-page 62)
04/26/12 House Unanimous consent for third reading on next
legislative day (House Journal-page 63)
04/27/12 House Read third time and returned to Senate with
amendments (House Journal-page 3)
05/01/12 Senate Introduced and read first time (Senate Journal-page 7)
05/01/12 Senate Referred to Committee on Finance
(Senate Journal-page 7)
05/30/12 Senate Committee report: Favorable with amendment
Finance (Senate Journal-page 13)
05/31/12 Senate Committee Amendment Adopted (Senate Journal-page 60)
05/31/12 Senate Read second time (Senate Journal-page 60)
05/31/12 Senate Roll call Ayes-37 Nays-1 (Senate Journal-page 60)
06/05/12 Senate Read third time and returned to House with
amendments (Senate Journal-page 46)
06/06/12 House Concurred in Senate amendment and enrolled
(House Journal-page 6)
06/06/12 House Roll call Yeas-74 Nays-0 (House Journal-page 6)
06/12/12 Ratified R 296
06/18/12 Vetoed by Governor
06/19/12 House Veto overridden by originating body Yeas-108 Nays-2
06/20/12 Senate Veto overridden Ayes-42 Nays-1
07/02/12 Effective date 07/01/13
07/09/12 Act No. 271
H. 4082
(A271, R296, H4082)
AN ACT TO AMEND SECTION 38-7-20, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE IMPOSITION OF THE INSURANCE PREMIUM TAX, SO AS TO PROVIDE THAT BEGINNING JULY 1, 2013, THROUGH JUNE 30, 2017, 2.25 PERCENT OF THE ANNUAL REVENUE OF THIS TAX MUST BE TRANSFERRED TO THE SOUTH CAROLINA FORESTRY COMMISSION AND USED BY IT FOR FIREFIGHTING AND FIREFIGHTING EQUIPMENT REPLACEMENT.
Be it enacted by the General Assembly of the State of South Carolina:
Use of insurance premium tax revenue
SECTION 1. Section 38-7-20 of the 1976 Code, as last amended by Act 73 of 2003, is further amended to read:
"Section 38-7-20. (A) In addition to all license fees and taxes otherwise provided by law, there is levied upon each insurance company licensed by the director or his designee an insurance premium tax based upon total premiums, other than workers' compensation insurance premiums, and annuity considerations, written by the company in the State during each calendar year ending on the thirty-first day of December. For life insurance, the insurance premium tax levied herein is equal to three-fourths of one percent of the total premiums written. For all other types of insurance, the insurance premium tax levied in this section is equal to one and one-fourth percent of the total premiums written. In computing total premiums, return premiums on risks and dividends paid or credited to policyholders are excluded.
(B) Effective July 1, 2013, through June 30, 2017, two and one-quarter percent of the revenue of the premium taxes collected pursuant to this section must be transferred to the South Carolina Forestry Commission and used by that agency for firefighting and firefighting equipment replacement. The remaining insurance premium taxes collected pursuant to this section must be deposited to the credit of the general fund of the State."
Time effective
SECTION 2. This act takes effect July 1, 2013.
Ratified the 12th day of June, 2012.
Vetoed by the Governor -- 6/18/12.
Veto overridden by House -- 6/19/12.
Veto overridden by Senate -- 6/20/12.
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