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Indicates New Matter
Indicates Matter Stricken
Indicates New Matter
COMMITTEE REPORT
April 20, 2016
H. 4525
S. Printed 4/20/16--H.
Read the first time January 12, 2016.
To whom was referred a Bill (H. 4525) to amend Section 38-7-20, Code of Laws of South Carolina, 1976, relating to the imposition of the insurance premium tax, so as to extend the date, 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, SECTION 1, page 1, by striking Section 38-7-20(B) in its entirety, and inserting:
/ (B) Effective July 1, 2013, through June 30, 2017 2030, two and one-quarter percent of the revenue of the premium taxes collected pursuant to this section:
(1) one percent must be transferred to the South Carolina Forestry Commission and used by that agency for firefighting and firefighting equipment replacement;
(2) one percent must be transferred to the aid to fire districts account within the State Treasury and distributed for firefighting equipment replacement in the same manner as described in Section 23-9-410;
(3) one quarter of one percent must be transferred to the aid to emergency medical services regional councils within the Department of Health and Environmental Control and used for grants to fund emergency medical technician and paramedic training; and
(4) The the remaining insurance premium taxes collected pursuant to this section must be deposited to the credit of the general fund of the State. /
Amend further by striking SECTION 2 in its entirety and inserting:
/ SECTION 2. This act takes effect on July 1, 2017, and first applies to Fiscal Year 2017-2018. /
Renumber sections to conform.
Amend title to conform.
W. BRIAN WHITE for Committee.
TO AMEND SECTION 38-7-20, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE IMPOSITION OF THE INSURANCE PREMIUM TAX, SO AS TO EXTEND THE DATE THAT CERTAIN REVENUE MUST BE SENT TO THE SOUTH CAROLINA FORESTRY COMMISSION TO 2027.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 38-7-20 of the 1976 Code is 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 2027, 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."
SECTION 2. This act takes effect upon approval by the Governor.
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