Download This Version in Microsoft Word format
Indicates Matter Stricken
Indicates New Matter
COMMITTEE REPORT
April 19, 2012
H. 4697
Introduced by Reps. Harrison, Limehouse, J.E. Smith, Stavrinakis, Brady, Sellers, Sottile, Gilliard, McCoy, Daning, Crosby, Munnerlyn, Gambrell, Agnew, Bowen, Erickson, Horne, Govan and Funderburk
S. Printed 4/19/12--H.
Read the first time January 31, 2012.
To whom was referred a Bill (H. 4697) to amend the Code of Laws of South Carolina, 1976, by adding Sections 60-15-100 and 60-15-110 so as to provide an annual transfer, etc., respectfully
That they have duly and carefully considered the same and recommend that the same do pass with amendment:
Amend the bill, as and if amended, in Section 60-15-100, as contained in SECTION 1, page 1, line 29 by striking /fifteen/ and inserting /eight and one-half/ so that when amended Section 60-15-100 reads:
/ Section 60-15-100. An amount equal to eight and one-half percent of the balance remaining of the general fund portion of state admissions tax revenues for the previous fiscal year after the transfer required pursuant to Section 12-62-60 must be transferred annually to the South Carolina Arts Commission for its use. /
Amend further, as and if amended, in Section 60-15-110, as contained in SECTION 1, page 1, on line 36 by striking /appropriated state funds/ and inserting /funds from the admissions tax / so that when amended, Section 60-15-110 reads:
/ Section 60-15-110. The South Carolina Arts Commission shall expend at least seventy percent of funds from the admissions tax on grants to support the statewide improvement of learning and enrichment opportunities for children and communities through educational and cultural programs with proven research-based strategies. /
Renumber sections to conform.
Amend title to conform.
W. BRIAN WHITE for Committee.
REVENUE IMPACT 1/
This bill is expected to decrease state general fund admissions tax revenue by an estimated $3,736,305 in FY2012-13, and increase revenue allocated to the South Carolina Arts Commission by an estimated $3,736,305 in FY2012-13.
Explanation
This bill would add Section 60-15-100 to allow an amount equal to fifteen percent of the balance remaining of the general fund portion of state admissions tax revenues for the previous fiscal year after the transfer required pursuant to Section 12-62-100 must be transferred annually to the South Carolina Arts Commission. Section 12-62-100(A)(1) requires an amount equal to twenty-six percent of the general fund portion of admission tax collected for the previous fiscal year must be funded annually by September first to the Department of Parks, Recreation, and Tourism for the exclusive use of the South Carolina Film Commission. Based on the Board of Economic Advisors' general fund revenue estimate of February 15, 2012, the admissions tax is expected to generate an estimated $31,208,566 in FY2012-13. After allocating twenty-six percent of admissions tax revenue from the previous fiscal year, a net estimated $24,908,700 would remain in the state general fund. Applying a rate of fifteen percent to the remaining net portion of state admissions tax revenue yields an estimated $3,736,305 that would be transferred to the South Carolina Arts Commission in FY2012-13.
Approved By:
Frank A. Rainwater
Board of Economic Advisors
1/ This statement meets the requirement of Section 2-7-71 for a state revenue impact by the BEA, or Section 2-7-76 for a local revenue impact or Section 6-1-85(B) for an estimate of the shift in local property tax incidence by the Office of Economic Research.
TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTIONS 60-15-100 AND 60-15-110 SO AS TO PROVIDE AN ANNUAL TRANSFER TO THE SOUTH CAROLINA ARTS COMMISSION OF AN AMOUNT EQUAL TO FIFTEEN PERCENT OF THE GENERAL FUND PORTION OF STATE ADMISSIONS TAX REVENUES IN THE PREVIOUS YEAR AFTER OTHER TRANSFERS REQUIRED FROM THE REVENUE AND TO REQUIRE THE COMMISSION TO EXPEND AT LEAST SEVENTY PERCENT OF ITS STATE APPROPRIATED FUNDS ON GRANTS FOR CHILDREN'S AND COMMUNITY PROGRAMS.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Chapter 15, Title 60 of the 1976 Code is amended by adding:
"Section 60-15-100. An amount equal to fifteen percent of the balance remaining of the general fund portion of state admissions tax revenues for the previous fiscal year after the transfer required pursuant to Section 12-62-60 must be transferred annually to the South Carolina Arts Commission for its use.
Section 60-15-110. The South Carolina Arts Commission shall expend at least seventy percent of appropriated state funds on grants to support the statewide improvement of learning and enrichment opportunities for children and communities through educational and cultural programs with proven research-based strategies."
SECTION 2. This act takes effect upon approval by the Governor and applies for fiscal years beginning after June 30, 2012.
This web page was last updated on April 19, 2012 at 5:07 PM