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TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 12-6-6000 SO AS TO ALLOW A TAXPAYER TO CONTRIBUTE ONE DOLLAR TO THE POLITICAL PARTY OF THE TAXPAYER'S CHOICE BY MEANS OF A CHECKOFF ON THE TAXPAYER'S SOUTH CAROLINA INDIVIDUAL INCOME TAX RETURN, TO ESTABLISH THE SOUTH CAROLINA POLITICAL PARTIES FINANCING FUND TO RECEIVE CONTRIBUTIONS AND PROVIDE FOR THE DISTRIBUTION OF THE REVENUES OF THE FUND TO THE STATE'S POLITICAL PARTIES.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Article 37, Chapter 6, Title 12 of the 1976 Code is amended by adding:
"Section 12-6-6000. (A) Every taxpayer whose individual income tax liability is at least one dollar may designate on the taxpayer's South Carolina individual income tax return that one dollar of the tax must be credited to the South Carolina Political Parties Financing Fund established pursuant to subsection (B) of this section for use by the political party designated by the taxpayer. In the case of a married couple filing a joint return whose income tax liability for the taxable year is at least two dollars, each spouse may designate on the income tax return that one dollar of the tax must be credited to the South Carolina Political Parties Financing Fund for the use of the political party designated by the taxpayer. Amounts credited to the Fund must be allocated among the political parties according to the designation of the taxpayer. Where any taxpayer elects to designate but does not specify a particular political party, those funds must be distributed among the political parties on a pro rata basis according to the total vote received by that party's candidate for governor in the last gubernatorial election. As used in this section, the term 'political party' means one of the following:
(1) a political party that at the last preceding general election received at least ten percent of the entire vote cast in the State for governor or for presidential electors;
(2) a political party certified pursuant to Section 7-9-10.
(B) There is established in the State Treasury the South Carolina Political Parties Financing Fund, which is separate and distinct from the general fund and all other funds. Revenues from the designation allowed pursuant to subsection (A) of this section must be credited to it and interest earned by the fund must be credited to it and allocated among political parties on the same basis as the principal of the fund. The State Election Commission shall administer allocations and distributions of the fund revenues and shall make a quarterly report to each state party chairman stating the amount of funds allocated to each party for that quarter, the cumulative total allocated to each party to date for the year, and an estimate of the probable total amount to be collected and allocated to each party for that calendar year. No distribution is allowed to a party that is designated by fewer than one thousand taxpayers on returns filed for the latest completed taxable year, and the amounts otherwise due that party lapse to the general fund of the State.
(C) The first page of the income tax return must give an individual the opportunity to make the political contribution authorized in this section. The return or its accompanying explanatory instructions must readily indicate that a contribution neither increases nor decreases an individual's tax liability.
(D) An income tax return preparer may not designate on a return that the taxpayer does or does not desire to make the political contribution authorized in this section unless the taxpayer or the taxpayer's spouse has consented to the designation."
SECTION 2. This act takes effect upon approval by the Governor and first applies for South Carolina individual income tax returns filed for the 2005 taxable year.
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