2003-2004 Bill 1032: Income Tax Reduction, Annual State Budget Growth Limitations - South

South Carolina General Assembly

115th Session, 2003-2004

S. 1032

STATUS INFORMATION

General Bill

Sponsors: Senator Elliott

Document Path: l:\council\bills\ggs\22478htc04.doc

Introduced in the Senate on March 4, 2004

Currently residing in the Senate Committee on Finance

Summary: Income tax reduction, annual state budget growth limitations

HISTORY OF LEGISLATIVE ACTIONS

DateBodyAction Description with journal page number

3/4/2004SenateIntroduced and read first time SJ3

3/4/2004SenateReferred to Committee on FinanceSJ3

VERSIONS OF THIS BILL

3/4/2004

A BILL

TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 1111190 SO AS TO REQUIRE, BEGINNING FOR FISCAL YEAR 20042005, FIFTY PERCENT OF ANNUAL GENERAL FUND REVENUE GROWTH TO BE USED TO REDUCE THE STATE INCOME TAX, TO LIMIT ANNUAL GROWTH IN GENERAL FUND APPROPRIATIONS TO THREE PERCENT, AND TO PROVIDE FOR THE USE OF SURPLUS REVENUE CREATED BY THIS LIMITATION ON APPROPRIATIONS FOR SCHOOL CONSTRUCTION AND OTHER NONRECURRING PROJECTS AS THE GENERAL ASSEMBLY MAY DETERMINE.

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

SECTION1.Article 1, Chapter 11, Title 11 of the 1976 Code is amended by adding:

“Section 1111190.(A)Notwithstanding any other provision of law, onehalf of estimated recurring annual general fund revenue growth must be used to offset state individual income tax reductions that the General Assembly shall provide by law.

(B)After providing the income tax reductions provided in subsection (A), and in addition to all other constitutional and statutory limits on appropriations, total general fund appropriations for a fiscal year, not including the appropriation of nonrecurring revenues, may not exceed the total of such appropriations in the preceding fiscal year by more than three percent.

(C)Estimated general fund revenues not available for appropriation pursuant to subsections (A) and (B) of this section must be appropriated by the General Assembly for school construction and for such other nonrecurring purposes as the General Assembly may provide.”

SECTION2.This act takes effect upon approval by the Governor and first applies for fiscal year 20042005.

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