Current Status Introducing Body:Senate Bill Number:1136 Primary Sponsor:Lourie Committee Number:06 Type of Legislation:GB Subject:Eldercare Trust Fund Residing Body:Senate Current Committee:Finance Companion Bill Number:4098 Computer Document Number:436/11999.AC Introduced Date:Jan 14, 1992 Last History Body:Senate Last History Date:Jan 14, 1992 Last History Type:Introduced, read first time, referred to Committee Scope of Legislation:Statewide All Sponsors:Lourie Giese Passailaigue Type of Legislation:General Bill
Bill Body Date Action Description CMN
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1136 Senate Jan 14, 1992 Introduced, read first time, 06
referred to Committee
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TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 12-7-2419 SO AS TO PROVIDE A DESIGNATION ON INCOME TAX FORMS TO CONTRIBUTE TO AN ELDERCARE TRUST FUND; AND TO ADD SECTIONS 43-21-160, 43-21-170, AND 43-21-180 SO AS TO PROVIDE FOR THE CREATION AND ADMINISTRATION OF THE ELDERCARE TRUST FUND OF SOUTH CAROLINA.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. The 1976 Code is amended by adding:
"Section 12-7-2419. (A) Each taxpayer required to file a state income tax return who desires to contribute to the Eldercare Trust Fund of South Carolina as created by Section 43-21-160 may designate the contribution on the appropriate state income tax form. The contribution may not decrease the income tax liability of any taxpayer and may be made by reducing the income tax refund of any taxpayer by the amount designated or by accepting additional payment from the taxpayer by the amount designated, whichever is appropriate.
(B) All South Carolina income tax return forms must contain a designation for a contribution to the Eldercare Trust Fund of South Carolina. The instructions accompanying income tax forms must contain a description of the purpose for which the Eldercare Trust Fund was established and the use of monies from the income tax contribution. Contributions of other amounts may be made directly to the Eldercare Trust Fund.
(C) Taxpayers who are entitled to refunds shall have the refunds reduced by the amount designated by the taxpayer. The commission shall determine annually the total amount so designated, plus the amount received in excess payments and shall report the total amount to the State Treasurer. The commission shall transfer the total amount to the Eldercare Trust Fund at the earliest possible time.
(D) The incremental cost of administration of the contribution must be paid by the trust fund from amounts received pursuant to this section."
SECTION 2. The 1976 Code is amended by adding:
"Section 43-21-160. (A) There is created the Eldercare Trust Fund of South Carolina to be administered by the South Carolina Commission on Aging.
(B) All monies received from the voluntary contribution system established in Section 12-7-2419 or any other contribution, gift, or bequest must be deposited in the fund.
(C) These funds must be used to award grants to public and private nonprofit agencies and organizations to establish and administer innovative programs and services that assist older persons to remain in their homes and communities with maximum independence and dignity.
(D) The Eldercare Trust Fund shall supplement and augment programs and services provided by or through state agencies but may not take the place of these programs and services.
(E) The South Carolina Commission on Aging shall carry out all activities necessary to administer the fund.
Section 43-21-170. In administering the Eldercare Trust Fund, the commission may, but is not limited to:
(1) assess the critical needs of the frail elderly and establish priorities for meeting these needs;
(2) receive gifts, bequests, and devises for deposit and investment into the trust fund for awarding grants to public and private nonprofit organizations;
(3) invest trust fund monies;
(4) solicit proposals for programs that are aimed at meeting identified service needs;
(5) provide technical assistance to public and private nonprofit organizations, when requested, in preparing proposals for submission;
(6) establish criteria for awarding grants; and
(7) enter into contracts for the awarding of grants to public and private nonprofit organizations.
Section 43-21-180. (A) Until the assets of the trust fund exceed five million dollars, not more than seventy-five percent of the amount deposited in the trust fund each year from contributions plus all earnings from the investment of monies of the trust fund credited during the previous fiscal year, after allowances for operating expenses, is available for disbursement upon authorization of the commission.
(B) When the assets in the trust fund exceed five million dollars, all credited earnings plus all future annual deposits to the trust fund from contributions are available for disbursement upon authorization of the commission."
SECTION 3. This act takes effect upon approval by the Governor.