South Carolina General Assembly
114th Session, 2001-2002

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Bill 408

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COMMITTEE REPORT

May 9, 2001

    S. 408

Introduced by Senators Ryberg, Wilson, J. Verne Smith and Leatherman

S. Printed 5/9/01--S.

Read the first time March 6, 2001.

            

THE COMMITTEE ON FINANCE

    To whom was referred a Bill (S. 408) to amend Section 11-43-160, as amended, relating to sources of revenue for the South Carolina Transportation Infrastructure Bank, so as to require an annual contribution to, etc., respectfully

REPORT:

    That they have duly and carefully considered the same and recommend that the same do pass with amendment:

    Amend the bill, as and if amended, page 1, line 41, after /any/ by inserting / state / so that when amended, subsection (C) reads:

    / (C)    The contribution provided in subsection (A)(1) of this section may be made from any revenues under the control of the Department of Transportation, but to the extent possible, the contribution must be made from sources which are not revenues of any state tax. /

    Renumber sections to conform.

    Amend title to conform.

HUGH K. LEATHERMAN, SR. for Committee.

            

STATEMENT OF ESTIMATED FISCAL IMPACT

ESTIMATED FISCAL IMPACT ON GENERAL FUND EXPENDITURES:

$0 (No additional expenditures or savings are expected)

ESTIMATED FISCAL IMPACT ON FEDERAL & OTHER FUND EXPENDITURES:

$0 (No additional expenditures or savings are expected)

EXPLANATION OF IMPACT:

    The Department of Transportation states there would be no impact on the General Fund of the State nor on federal and/or other funds upon enactment of this legislation.

SPECIAL NOTES:

    The Board of Economic Advisors is the appropriate agency to address any revenue impact of this legislation.

    Approved By:

    Don Addy

    Office of State Budget

A BILL

TO AMEND SECTION 11-43-160, AS AMENDED, RELATING TO SOURCES OF REVENUE FOR THE SOUTH CAROLINA TRANSPORTATION INFRASTRUCTURE BANK, SO AS TO REQUIRE AN ANNUAL CONTRIBUTION TO THE BANK FROM THE DEPARTMENT OF TRANSPORTATION IN AN AMOUNT NOT TO EXCEED AN AMOUNT EQUIVALENT TO THE REVENUES OF ONE CENT OF THE GASOLINE TAX AND TO PROVIDE THAT THIS CONTRIBUTION MAY BE MADE FROM ANY REVENUES OF THE DEPARTMENT OF TRANSPORTATION BUT, TO THE EXTENT POSSIBLE, MUST NOT BE TAX REVENUE.

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

SECTION    1.    A.    Section 11-43-160(A)(1) of the 1976 Code, as amended by Act 100 of 1999, is further amended to read:

    "(1)    an annual contribution from the Department of Transportation set by the board of an amount not to exceed an amount equivalent to the revenues produced by one cent a gallon of the tax on gasoline imposed pursuant to Section 12-28-310;"

B.    Section 11-43-160 of the 1976 Code, as last amended by Act 100 of 1999, is further amended by adding at the end:

    "(C)    The contribution provided in subsection (A)(1) of this section may be made from any revenues under the control of the Department of Transportation, but to the extent possible, the contribution must be made from sources which are not revenues of any tax."

SECTION    2.    This act takes effect upon approval by the Governor.

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