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Indicates Matter Stricken
Indicates New Matter
RECALLED
February 26, 2014
S. 1000
S. Printed 2/26/14--S.
Read the first time February 5, 2014.
REVENUE IMPACT 1/
State:
This joint resolution is expected to raise Motor Vehicle License revenue within the state's general fund by $2,652 in FY 2014-15 and by $5,304 in FY 2015-16.
Local:
This joint resolution is expected to raise revenue allocated to certain county jurisdictions by $97,474 in FY 2014-15 and by $194,948 in FY 2015-16.
Explanation
This joint resolution resets the annual fee to register a "BM" license plate in this State at $754 for calendar years 2015 and 2016. This rate reflects an absolute dollar amount increase of $52 from the current fee of $702 pursuant to Act 317 of 2012. Regarding state general fund revenue, registration fees for state residents participating in the employee benefit program remains at $20; no revenue change exists here. For those program vehicles registered to nonresident employees, the entire fee of $754 must be credited to the state's general fund, an increase of $52. Multiplying $52 by 102 (the number of out-of-state vehicles) results in a revenue increase of $5,304 for a full fiscal year. Regarding the revenue allocated to local governments, registration fees increase from the current $682 amount to $734, a $52 increase. Multiplying $52 by 3,749 (the number of in-state vehicles) results in a revenue increase of $194,948 for a full fiscal year.
Approved By:
Frank A. Rainwater
Board of Economic Advisors
1/ This statement meets the requirement of Section 2-7-71 for a state revenue impact by the BEA, or Section 2-7-76 for a local revenue impact or Section 6-1-85(B) for an estimate of the shift in local property tax incidence by the Office of Economic Research.
TO PROVIDE THAT IN 2015 AND 2016, THE ANNUAL FEE FOR THE AUTOMOBILE MANUFACTURER STANDARD LICENSE PLATE FOR VEHICLES IN THE MANUFACTURER'S EMPLOYEE BENEFIT PROGRAM AND FOR THE TESTING, DISTRIBUTION, EVALUATION, AND PROMOTION OF ITS VEHICLES IS SEVEN HUNDRED FIFTY-FOUR DOLLARS, TO PROVIDE THAT TWENTY DOLLARS OF EACH FEE IS CREDITED TO THE GENERAL FUND OF THE STATE AND THE BALANCE TO LOCAL GOVERNMENTS, AND TO PROVIDE THAT THE ENTIRE FEE AMOUNT BE CREDITED TO THE GENERAL FUND OF THE STATE FOR NONRESIDENT PARTICIPANTS IN THE EMPLOYEE BENEFIT PROGRAM.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Notwithstanding the annual fee prescribed pursuant to Section 56-3-2332 of the 1976 Code, for the standard license plate issued to an automobile manufacturer for vehicles used in a benefit program for the manufacturer's employees or for testing, distribution, evaluation, and promotion, the registration fee for applications filed in 2015 and 2016 is seven hundred fifty-four dollars. In accounting for the revenue of this fee for applications filed in 2015 and 2016, twenty dollars is credited to the general fund of the State and the amount required to be remitted to a local government is seven hundred thirty-four dollars. In the case of employees participating in the benefit program who reside outside of this State, the entire fee must be credited to the general fund of the State.
SECTION 2. This joint resolution takes effect January 1, 2015.
This web page was last updated on February 26, 2014 at 6:58 PM