View Amendment Current Amendment: 113 to Bill 474

Reps. King and Bamberg propose the following amendment (LC-474.SA0420H):

Amend the bill, as and if amended, SECTION 2, by adding a Section to read:

Section 44-41-750.  The State shall create a "Persons of Color Resiliency and Generational Wealth Creation Fund." The State shall deposit twenty thousand dollars for each pregnancy reported or recorded by DHEC or the appropriate reporting agency by a person of color or of AfroAmerican ancestry. Upon a pregnancy being brought successfully to term by the individual of color whose pregnancy was previously recorded, the state shall deposit in this fund an additional one million two hundred thousand dollars. Citizens of the State can contribute to the fund, and the contributions must be treated as a tax-deductible charitable donation. Money in the fund must be invested by the Retirement System Investment Commission. Money must be expended from the fund to citizens of this State who are people of color and of AfroAmerican descent for property rehabilitation, business start up grants, individual educational investments, or community educational investments. Funds also may be used to serve the aforementioned community with grants to assist in covering single family home utilities and property taxes.