View Amendment Current Amendment: 63 to Bill 5150

Senators GOLDFINCH, HEMBREE, RANKIN, and WILLIAMS propose the following amendment (DG\5150C026.NBD.DG22.DOCX):

Amend the bill, as and if amended, Part IB, Section 118, STATEWIDE REVENUE, page 585, after line 3, by adding an appropriately numbered new proviso to read:

/ (SR: Insurance Premium Tax) In the current fiscal year, up to one hundred percent of Insurance Premium tax revenue collected by the Department of Insurance for insurance policies issued in the county must be rebated to the county for purposes of public infrastructure improvements. Public infrastructure improvements are limited to providing funding for the construction of new interstate highways. Provided that this proviso only applies to counties in which at least nineteen million dollars in state accommodation taxes imposed pursuant to Section 12-36-920 of the 1976 Code has been collected in at least one fiscal year. The county shall deposit the taxes in a special interest bearing account and not in its general fund. The county shall provide to the SFAA a report by the end of the fiscal year on the use of the funds. The county may carry forward any unexpended funds from one fiscal year to the next./

Amend sections, totals and title to conform.