South Carolina General Assembly
121st Session, 2015-2016

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Bill 973

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COMMITTEE REPORT

January 27, 2016

S. 973

Introduced by Senators Cromer and Alexander

S. Printed 1/27/16--S.

Read the first time January 13, 2016.

            

THE COMMITTEE ON BANKING AND INSURANCE

To whom was referred a Bill (S. 973) to amend Section 38-7-20 of the 1976 Code, relating to the imposition of the insurance premium tax, so as to extend the date that certain revenue must be sent, etc., respectfully

REPORT:

That they have duly and carefully considered the same and recommend that the same do pass:

ROBERT W. HAYES, JR. for Committee.

            

A BILL

TO AMEND SECTION 38-7-20 OF THE 1976 CODE, 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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