Bill 1484

                    Current Status

Introducing Body:               Senate
Bill Number:                    1484
Ratification Number:            409
Act Number:                     525
Primary Sponsor:                J. Verne Smith
Type of Legislation:            JR
Subject:                        SHIMS Fund
Date Bill Passed both Bodies:   Apr 29, 1992
Computer Document Number:       JIC/6510.HC
Governor's Action:              S
Date of Governor's Action:      May 04, 1992
Introduced Date:                Apr 16, 1992
Last History Body:              ------
Last History Date:              Oct 07, 1992
Last History Type:              Act No. 525
Scope of Legislation:           Statewide
All Sponsors:                   J. Verne
                                Smith
                                Leatherman
                                Stilwell
                                Mitchell
                                Drummond
                                Macaulay
                                McConnell
                                Peeler
                                Thomas
                                Russell
                                Reese
                                Courtney
Type of Legislation:            Joint Resolution

 Bill  Body    Date          Action Description              CMN
 ----  ------  ------------  ------------------------------  ---
 1484  ------  Oct 07, 1992  Act No. 525
 1484  ------  May 04, 1992  Signed by Governor
 1484  ------  Apr 30, 1992  Ratified R 409
 1484  House   Apr 29, 1992  Read third time, enrolled for
                             ratification
 1484  House   Apr 28, 1992  Read second time
 1484  House   Apr 22, 1992  Introduced, read first time,
                             placed on Calendar without
                             reference
 1484  Senate  Apr 21, 1992  Read third time, sent to House
 1484  Senate  Apr 20, 1992  Read second time
 1484  Senate  Apr 16, 1992  Unanimous consent for second
                             and third reading on the next
                             two consecutive Legislative
                             days
 1484  Senate  Apr 16, 1992  Introduced, read first time,
                             placed on Calendar without
                             reference

(R409, S1484)

A JOINT RESOLUTION TO PROVIDE THAT FOR FISCAL YEAR 1992-93 ONLY, THE FIRST TWENTY MILLION DOLLARS RATHER THAN THE FIRST TEN MILLION DOLLARS IN SHIMS TAX REVENUES MUST BE CREDITED TO THE ECONOMIC DEVELOPMENT ACCOUNT AND USED FOR A SPECIAL ECONOMIC DEVELOPMENT PROJECT AND TO PROVIDE THAT, IF THE ADDITIONAL REVENUES ARE NOT NEEDED FOR THE PROJECT, THE TEN MILLION DOLLARS REVERT TO THE SHIMS FUND.

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

Temporary SHIMS tax revenue increase to fund special economic development project

SECTION 1. Notwithstanding the provisions of Section 12-27-1270 of the 1976 Code and from July 1, 1992, through June 30, 1993, only, the first twenty million dollars rather than the first ten million dollars generated from the tax imposed pursuant to Article 13, Chapter 27, Title 12 of the 1976 Code must be segregated in the separate economic development account and the additional ten million dollars must be used for a special economic development project. If the additional revenues are not needed for this special project, the ten million dollars revert to the SHIMS Fund.

Time effective

SECTION 2. This joint resolution takes effect upon approval by the Governor.

In the Senate House April 30, 1992.

Nick A. Theodore,

President of the Senate

Robert J. Sheheen,

Speaker of the House of

Representatives

Approved the 4th day of May, 1992.

Carroll A. Campbell, Jr.,

Governor

Printer's Date -- May 26, 1992 -- S.