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S. 295
STATUS INFORMATION
General Bill
Sponsors: Senator Alexander
Document Path: l:\s-res\tca\014taxe.ls.tca.docx
Introduced in the Senate on January 13, 2015
Currently residing in the Senate Committee on Finance
Summary: Requirement of payment
HISTORY OF LEGISLATIVE ACTIONS
Date Body Action Description with journal page number
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1/13/2015 Senate Introduced and read first time (Senate Journal-page 172)
1/13/2015 Senate Referred to Committee on Finance
(Senate Journal-page 172)
1/27/2015 Senate Committee report: Favorable Finance
(Senate Journal-page 18)
1/28/2015 Senate Read second time (Senate Journal-page 34)
1/28/2015 Senate Roll call Ayes-39 Nays-0 (Senate Journal-page 34)
5/11/2016 Senate Recommitted to Committee on Finance
(Senate Journal-page 3)
View the latest legislative information at the website
VERSIONS OF THIS BILL
Indicates Matter Stricken
Indicates New Matter
COMMITTEE REPORT
January 27, 2015
S. 295
S. Printed 1/27/15--S.
Read the first time January 13, 2015.
To whom was referred a Bill (S. 295) to amend Section 12-54-250 of the 1976 Code, relating to the requirement of payment in immediately available funds, to change the requirement from fifteen thousand dollars, etc., respectfully
That they have duly and carefully considered the same and recommend that the same do pass:
HUGH K. LEATHERMAN, SR. for Committee.
Fiscal Impact Summary
This bill would have no expenditure or revenue impact on the general fund, federal funds, or other funds.
State Expenditure
This bill reduces the threshold amount that requires a person in connection with any return, report, or other document pay the tax liability to the state in funds that are available immediately to the state to one thousand dollars from the current threshold of fifteen thousand dollars. The bill also amends the definition of immediately available funds to allow the settlement of these funds on or before two banking days following the due date of the tax. The Department of Revenue (DOR) reports that this bill could reduce the number of payments handled manually by a minimal number resulting in marginal cost savings to the agency.
State Revenue
Based on Department of Revenue information, the provisions of this bill would mirror the proposed electronic payment system to the current check deposit process, which allows payment on the due date of a return, but may not reach DOR's processing facilities for 2 days because of mail transit. Therefore, this bill would have no impact on revenue collections.
Frank A. Rainwater, Executive Director
Revenue and Fiscal Affairs Office
TO AMEND SECTION 12-54-250 OF THE 1976 CODE, RELATING TO THE REQUIREMENT OF PAYMENT IN IMMEDIATELY AVAILABLE FUNDS, TO CHANGE THE REQUIREMENT FROM FIFTEEN THOUSAND DOLLARS TO ONE THOUSAND DOLLARS, AND TO REQUIRE THE SETTLEMENT OF THOSE FUNDS IN THE STATE'S ACCOUNT ON OR BEFORE TWO BANKING DAYS FOLLOWING THE DUE DATE OF THE TAX AS PROVIDED BY LAW.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 12-54-250(A)(1) of the 1976 Code is amended to read:
"Section 12-54-250. (A)(1) The South Carolina Department of Revenue may require, consistent with the cash management policies of the State Treasurer, that a person owing fifteen one thousand dollars or more in connection with any return, report, or other document to be filed with the department or a withholding agent making at least twenty-four payments in a year pursuant to Section 12-8-1520(D) pay the tax liability to the State no later than the date the payment is required by law to be made, in funds that are available immediately to the State. 'Payment in immediately available funds' means payment by cash to the main office of the department before five o'clock p.m. or by electronic means established by the department, with the approval of the State Treasurer, which ensures the settlement of those funds in the state's account on or before the two banking day days following the due date of the tax as provided by law."
This web page was last updated on May 12, 2016 at 9:01 AM