2003-2004 Bill 550: Dept. of Revenue and State Treasurer Allowed to Adjust Misallocation

South Carolina General Assembly

115th Session, 2003-2004

A97, R96, S550

STATUS INFORMATION

Joint Resolution

Sponsors: Senator Leatherman

Document Path: l:\council\bills\ggs\22014htc03.doc

Introduced in the Senate on April 2, 2003

Introduced in the House on April 16, 2003

Passed by the General Assembly on May 21, 2003

Governor's Action: June 2, 2003, Signed

Summary: Dept. of Revenue and State Treasurer allowed to adjust misallocation of local option sales tax revenue collections and distributions to provide a corrected base

HISTORY OF LEGISLATIVE ACTIONS

DateBodyAction Description with journal page number

4/2/2003SenateIntroduced and read first time SJ9

4/2/2003SenateReferred to Committee on FinanceSJ9

4/9/2003SenateCommittee report: Favorable FinanceSJ24

4/10/2003SenateRead second time SJ13

4/15/2003SenateRead third time and sent to House SJ56

4/16/2003HouseIntroduced and read first time HJ8

4/16/2003HouseReferred to Committee on Ways and MeansHJ8

5/15/2003HouseCommittee report: Favorable Ways and MeansHJ6

5/20/2003HouseRead second time HJ18

5/21/2003HouseRead third time and enrolled HJ16

5/28/2003Ratified R 96

6/2/2003Signed By Governor

6/5/2003Copies available

6/5/2003Effective date 06/02/03

10/23/2003Act No.97

VERSIONS OF THIS BILL

4/2/2003

4/9/2003

5/15/2003

(A97, R96, S550)

A JOINT RESOLUTION TO ALLOW THE DEPARTMENT OF REVENUE AND THE STATE TREASURER’S OFFICE TO ADJUST MISALLOCATIONS OF LOCAL OPTION SALES TAX REVENUE COLLECTIONS AND DISTRIBUTIONS IN FISCAL YEAR 20012002 DURING THE SUCCEEDING TWO FISCAL YEARS FOR THE PURPOSE OF PROVIDING A ONETIME CORRECTED BASE FOR THE USE OF THE STATE TREASURER’S OFFICE IN CALCULATING FUTURE DISTRIBUTIONS AND PROVIDE THE MANNER IN WHICH THE STATE TREASURER’S OFFICE SHALL USE THE ADJUSTED AMOUNT FOR FUTURE DISTRIBUTIONS.

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

Misallocations adjusted

SECTION1.The South Carolina Department of Revenue and the State Treasurer’s Office may adjust misallocations of fiscal year 20012002 local option sales tax collections and distributions within a county area during fiscal year 20022003, or fiscal year 20032004. To comply with the provisions of Section 41070 of the 1976 Code, the State Treasurer’s Office may adjust the previous fiscal year’s local option sales tax distribution received by an eligible unit within a county area to reflect this adjusted amount. This adjusted amount will then be the amount compared to the actual current fiscal year distributions of local option sales tax. For purposes of this section, local option sales tax means the sales and use tax imposed in a county area pursuant to Article 1, Chapter 10, Title 4 of the 1976 Code.

Time effective

SECTION2.This joint resolution takes effect upon approval by the Governor.

Ratified the 28th day of May, 2003.

Approved the 2nd day of June, 2003.

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