Current Status Bill Number:
475Type of Legislation: General Bill GBIntroducing Body: SenateIntroduced Date: 19970305Primary Sponsor: McConnellAll Sponsors: McConnell, Passailaigue, Courson and J. Verne SmithDrafted Document Number: res1323.gfmResiding Body: SenateCurrent Committee: Finance Committee 06 SFSubject: Hunley Trust Fund established, income tax return to designate contribution; Natural Resources Department
Body Date Action Description Com Leg Involved ______ ________ _______________________________________ _______ ____________ Senate 19970305 Introduced, read first time, 06 SF referred to CommitteeView additional legislative information at the LPITS web site.
TO AMEND SECTION 12-6-5060, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO TAX RETURNS, SO AS TO PROVIDE THAT TAXPAYERS MAY CONTRIBUTE TO THE HUNLEY TRUST FUND BY DESIGNATING THE CONTRIBUTION ON HIS INCOME TAX RETURN; AND TO AMEND ARTICLE 1, CHAPTER 7, TITLE 54, RELATING TO SHIPWRECKS AND SALVAGE OPERATIONS, BY ADDING SECTION 54-7-110, SO AS TO PROVIDE FOR A HUNLEY TRUST FUND.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 12-6-5060 (A) of the 1976 Code is amended to read:
"Section 12-6-5060. (A) Each taxpayer required to file a state individual income tax return may contribute to the Nongame Wildlife and Natural Areas Program Fund, the Children's Trust Fund of South Carolina as created by Section 20-7-5010, the Hunley Trust Fund as created by Section 54-7-110, or the Eldercare Trust Fund of South Carolina as created by Section 43-21-160 by designating the contribution on the return. The contribution may be made by reducing the income tax refund or by remitting additional payment by the amount designated."
SECTION 2. Article 1, Chapter 7, Title 54 of the 1976 Code is amended by adding:
"Section 54-7-110. (A) The Hunley Commission shall cause the creation of the Hunley Trust Fund, an eleemosynary corporation to finance the recovery, preservation, exhibition, and protection of the H. L. Hunley. The Commission shall appoint a board of directors in a manner determined by the commission. Upon creation, the board must perform the necessary actions to file as a private, nonprofit eleemosynary organization under applicable state and federal law. The board of directors of the Hunley Trust Fund shall carry out those activities necessary to administer the fund. The Hunley Commission must approve any expenditures from the fund. The board is not authorized to bind the State in any manner, whether by contract or otherwise.
(B) To carry out its assigned functions to the extent permitted under subsection (A), the board is authorized to:
(1) receive gifts, bequests, and devises for deposit and investment into the Hunley Trust Fund;
(2) invest Hunley Trust Fund monies;
(3) expend funds to recover, preserve, exhibit, and protect the Hunley, as authorized by the Hunley Commission;
(4) solicit proposals for projects to accomplish these purposes.
(C) The board must make a complete report of the activities of the Hunley Trust Fund annually to the General Assembly and the State Auditor.
(D) Funds from the receipt of contributions pursuant to Section 12-6-5060 must be deposited in the Trust Fund for disbursement as prescribed by this section."
SECTION 3. This act takes effect upon approval by the Governor.