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TO AMEND SECTION 12-62-60, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE DISTRIBUTION OF THE ADMISSIONS TAX AND REBATES TO MOTION PICTURE PRODUCTION COMPANIES, SO AS TO PROVIDE THAT AN ADDITIONAL FOUR PERCENT OF THE GENERAL FUND PORTION OF THE ADMISSIONS TAX COLLECTED BY THE STATE MUST BE FUNDED ANNUALLY TO THE DEPARTMENT OF PARKS, RECREATION AND TOURISM FOR THE EXCLUSIVE USE OF THE SOUTH CAROLINA FILM COMMISSION FOR A PERIOD OF FIVE YEARS.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 12-62-60 of the 1976 Code is amended by adding an appropriately lettered subsection to read:
"( ) Notwithstanding subsection (A), on July 1, 2021, and each July first thereafter until July 1, 2025, an additional four percent of the general fund portion of admissions tax collected by the State of South Carolina for the previous year must be funded annually by September first to the department for the exclusive use of the South Carolina Film Commission until the total amount is equal to forty-six percent of the general fund portion of admissions tax."
SECTION 2. This act takes effect upon approval by the Governor.
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