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Indicates Matter Stricken
Indicates New Matter
A271, R296, H4082
STATUS INFORMATION
General Bill
Sponsors: Reps. 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
Document Path: l:\council\bills\bbm\10143htc11.docx
Introduced in the House on April 13, 2011
Introduced in the Senate on May 1, 2012
Last Amended on May 31, 2012
Passed by the General Assembly on June 6, 2012
Governor's Action: June 18, 2012, Vetoed
Legislative veto action(s): Veto overridden
Summary: Insurance premium tax
HISTORY OF LEGISLATIVE ACTIONS
Date Body Action Description with journal page number
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4/13/2011 House Introduced and read first time (House Journal-page 20)
4/13/2011 House Referred to Committee on Ways and Means
(House Journal-page 20)
5/4/2011 House Member(s) request name added as sponsor: Hiott
1/12/2012 House Member(s) request name added as sponsor: Hayes, R.L.Brown
1/18/2012 House Member(s) request name added as sponsor: Jefferson
1/24/2012 House Member(s) request name added as sponsor: Bowers, Anthony
1/31/2012 House Member(s) request name added as sponsor: Skelton
2/2/2012 House Member(s) request name added as sponsor: Williams
2/8/2012 House Member(s) request name added as sponsor: McLeod
2/9/2012 House Member(s) request name added as sponsor: G.M.Smith, Weeks
2/22/2012 House Member(s) request name added as sponsor: Gilliard
3/1/2012 House Member(s) request name added as sponsor: Agnew
3/12/2012 House Member(s) request name added as sponsor: Horne
3/14/2012 House Member(s) request name added as sponsor: Funderburk,
Tribble, Pinson
4/19/2012 House Committee report: Favorable with amendment Ways and
Means (House Journal-page 8)
4/25/2012 House Member(s) request name added as sponsor: Clemmons,
Neilson
4/26/2012 House Amended (House Journal-page 61)
4/26/2012 House Read second time (House Journal-page 61)
4/26/2012 House Roll call Yeas-103 Nays-0 (House Journal-page 62)
4/26/2012 House Unanimous consent for third reading on next legislative
day (House Journal-page 63)
4/27/2012 House Read third time and returned to Senate with amendments
(House Journal-page 3)
5/1/2012 Senate Introduced and read first time (Senate Journal-page 7)
5/1/2012 Senate Referred to Committee on Finance (Senate Journal-page 7)
5/30/2012 Senate Committee report: Favorable with amendment Finance
(Senate Journal-page 13)
5/31/2012 Senate Committee Amendment Adopted (Senate Journal-page 60)
5/31/2012 Senate Read second time (Senate Journal-page 60)
5/31/2012 Senate Roll call Ayes-37 Nays-1 (Senate Journal-page 60)
6/5/2012 Senate Read third time and returned to House with amendments
(Senate Journal-page 46)
6/6/2012 House Concurred in Senate amendment and enrolled
(House Journal-page 6)
6/6/2012 House Roll call Yeas-74 Nays-0 (House Journal-page 6)
6/12/2012 Ratified R 296
6/18/2012 Vetoed by Governor
6/19/2012 House Veto overridden by originating body Yeas-108 Nays-2
6/20/2012 Senate Veto overridden Ayes-42 Nays-1
7/2/2012 Effective date 07/01/13
7/9/2012 Act No. 271
View the latest legislative information at the LPITS web site
VERSIONS OF THIS BILL
4/13/2011
4/19/2012
4/26/2012
5/30/2012
5/31/2012
(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.
This web page was last updated on Tuesday, December 10, 2013 at 10:23 A.M.