South Carolina General Assembly
122nd Session, 2017-2018

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Bill 1038

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Indicates New Matter

(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

COMMITTEE REPORT

February 28, 2018

S. 1038

Introduced by Senators Hutto and J. Matthews

S. Printed 2/28/18--S.

Read the first time February 22, 2017.

            

THE COMMITTEE ON FINANCE

To whom was referred a Bill (S. 1038) to amend the Code of Laws of South Carolina, 1976, by adding Section 4-10-390 so as to provide that for any county which began the rei, etc., respectfully

REPORT:

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

HUGH K. LEATHERMAN, SR. for Committee.

            

STATEMENT OF ESTIMATED FISCAL IMPACT

Explanation of Fiscal Impact

Introduced on February 22, 2018

Local Revenue

This bill extends the reimposed capital projects sales tax in Orangeburg County that commenced on April 1, 2013, to April 30, 2020. Currently, the imposition and termination requirements contained in Section 4-10-340 would terminate this tax on April 30, 2019. In FY 2016-17, Orangeburg County collected $9,300,000 from the capital projects sales tax. Therefore, we anticipate that Orangeburg County capital project sales tax collections will increase by $9,300,000 in FY 2019-20 from the additional year of revenue collections. The commencement of the tax reimposed by the referendum approved in the 2016 general election will begin on May 1, 2020, and expire on April 30, 2027. These changes will allow the local sales tax to continue through April 30, 2027, without interruption.

Frank A. Rainwater, Executive Director

Revenue and Fiscal Affairs Office

A BILL

TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 4-10-390 SO AS TO PROVIDE THAT FOR ANY COUNTY WHICH BEGAN THE REIMPOSITION OF A CAPITAL PROJECTS SALES TAX ON APRIL 1, 2013, AND REIMPOSED THE TAX AT THE 2016 GENERAL ELECTION, THE REIMPOSED TAX THAT COMMENCED ON APRIL 1, 2013, IS EXTENDED UNTIL APRIL 30, 2020, AND THE COMMENCEMENT OF THE TAX THAT WAS REIMPOSED AT THE 2016 GENERAL ELECTION IS DELAYED UNTIL MAY 1, 2020, AND EXPIRES ON APRIL 30, 2027.

Be it enacted by the General Assembly of the State of South Carolina:

SECTION    1.    Article 3, Chapter 10, Title 4 of the 1976 Code is amended by adding:

"Section 4-10-390.    For any county which began the reimposition of a tax authorized by this article on April 1, 2013, and reimposed the tax at the 2016 general election:

(1)    the reimposed tax that commenced on April 1, 2013, is extended until April 30, 2020; and

(2)    the commencement of the tax that was reimposed at the 2016 general election is delayed until May 1, 2020, and expires on April 30, 2027."

SECTION    2.    This act takes effect upon approval by the Governor.

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