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A364, R209, S1075

STATUS INFORMATION

Joint Resolution
Sponsors: Finance Committee
Document Path: l:\s-res\hkl\020finr.dag.doc
Companion/Similar bill(s): 1032

Introduced in the Senate on February 6, 2008
Introduced in the House on February 14, 2008
Passed by the General Assembly on March 26, 2008
Governor's Action: April 2, 2008, Signed

Summary: Index of taxpaying ability

HISTORY OF LEGISLATIVE ACTIONS

     Date      Body   Action Description with journal page number
-------------------------------------------------------------------------------
    2/6/2008  Senate  Introduced, read first time, placed on calendar without 
                        reference SJ-13
    2/7/2008          Scrivener's error corrected
   2/13/2008  Senate  Read second time SJ-28
   2/14/2008  Senate  Read third time and sent to House SJ-34
   2/14/2008  House   Introduced and read first time HJ-31
   2/14/2008  House   Referred to Committee on Ways and Means HJ-31
   3/11/2008  House   Committee report: Favorable Ways and Means HJ-79
   3/13/2008  House   Debate adjourned until Tuesday, March 25, 2008 HJ-28
   3/25/2008  House   Read second time HJ-40
   3/26/2008  House   Read third time and enrolled HJ-26
   3/27/2008          Ratified R 209
    4/2/2008          Signed By Governor
    4/8/2008          Copies available
    4/8/2008          Effective date 04/02/08
    8/6/2008          Act No. 364

View the latest legislative information at the LPITS web site

VERSIONS OF THIS BILL

2/6/2008
2/6/2008
2/7/2008
3/11/2008

(A364, R209, S1075)

A JOINT RESOLUTION TO SUPPLEMENT THE SCHOOL DISTRICTS NEGATIVELY AFFECTED BY THE LACK OF REVISION OF THE 2007 FINAL INDEX OF TAXPAYING ABILITY, AND TO PROVIDE THAT A SCHOOL DISTRICT POSITIVELY AFFECTED BY THE LACK OF REVISION OF THE 2007 FINAL INDEX OF TAXPAYING ABILITY SHALL DIRECT THE EXCESS FUNDS TOWARD NONRECURRING ALLOWABLE EXPENDITURES.

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

Index of taxpaying ability adjustment

SECTION    1.    (A)    For fiscal year 2007-2008, the State Department of Education must use any Education Finance Act funds unexpended after each school district received the funds necessary to fully fund the base student cost as appropriated to supplement the school districts that are negatively affected by the lack of revision of the 2007 Final Index of Taxpaying Ability. These unexpended Education Finance Act funds shall be exhausted before utilizing available unexpended Education Finance Act reserve funds.

(B)    For fiscal year 2007-2008, upon notification from the State Department of Education, the State Treasurer must disburse to the State Department of Education sufficient Education Finance Act reserve funds to supplement the school districts that are negatively affected by the lack of revision of the 2007 Final Index of Taxpaying Ability. The disbursement must be from any Education Finance Act reserve funds unexpended after each school district that has been projected to receive less state Education Finance Act funds in fiscal year 2007-2008 than in fiscal year 2006-2007 has received the funds necessary to supplement the school district's annual disbursement to the prior fiscal year's equivalent and after all available unexpended Education Finance Act funds have been exhausted.

(C)    For fiscal year 2007-2008, any school district positively affected by the lack of revision of the 2007 Final Index of Taxpaying Ability shall direct the excess funds toward nonrecurring allowable expenditures.

Time effective

SECTION    2.    This act takes effect upon approval by the Governor.

Ratified the 27th day of March, 2008.

Approved the 2nd day of April, 2008.

This web page was last updated on Wednesday, December 2, 2009 at 3:34 P.M.