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H. 4502
STATUS INFORMATION
General Bill
Sponsors: Rep. G.R. Smith
Document Path: l:\council\bills\dka\3129sa16.docx
Introduced in the House on January 12, 2016
Currently residing in the House Committee on Ways and Means
Summary: Revenue impact statements
HISTORY OF LEGISLATIVE ACTIONS
Date Body Action Description with journal page number
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12/3/2015 House Prefiled
12/3/2015 House Referred to Committee on Ways and Means
1/12/2016 House Introduced and read first time (House Journal-page 84)
1/12/2016 House Referred to Committee on Ways and Means
(House Journal-page 84)
View the latest legislative information at the website
VERSIONS OF THIS BILL
TO AMEND SECTION 2-7-71 AND SECTION 2-7-76, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO CERTAIN ESTIMATED REVENUE IMPACT STATEMENTS, SO AS TO REQUIRE THE REVENUE OF FISCAL AFFAIRS OFFICE TO TAKE INTO CONSIDERATION THE PROBABLE BEHAVIORAL RESPONSE OF TAXPAYERS, BUSINESSES, AND OTHER CITIZENS WHEN COMPUTING REVENUE IMPACT STATEMENTS.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 2-7-71 of the 1976 Code is amended to read:
"Section 2-7-71. When a bill relating to state taxes is reported out of a standing committee of the Senate or House of Representatives for consideration, there must be attached and printed as a part of the committee report a statement of the estimated revenue impact of the bill on the finances of the State certified by the Board of Economic Advisors. As used in this section 'statement of estimated revenue impact' means the consensus of the persons executing the required statement as to the increase or decrease in the net tax revenue to the State if the bill concerned is enacted by the General Assembly and must take into consideration the probable behavioral response of taxpayers, businesses, and other citizens and must include within the analysis a statement identifying those considerations. In preparing a statement, the Board of Economic Advisors may request technical advice of the Department of Revenue."
SECTION 2. Section 2-7-76 of the 1976 Code, as last amended by Act 121 of 2014, is further amended by adding an appropriately lettered subsection to read:
"( ) The statement of estimated revenue impact must take into consideration the probable behavioral response of taxpayers, businesses, and other citizens and must include within the analysis a statement identifying those considerations."
SECTION 3. This act takes effect upon approval by the Governor.
This web page was last updated on
January 14, 2016 at 10:25 AM