South Carolina § 11-11-150 Estimated income tax revenues; deductions in calculations; Trust Fund for Tax Relief; appropriation of funds.

South Carolina Statutes

§ 11-11-150 — Estimated income tax revenues; deductions in calculations; Trust Fund for Tax Relief; appropriation of funds.

South Carolina·Title 11 PUBLIC FINANCE·Ch. 11 STATE BUDGET SYSTEM

(A)In calculating estimated state individual and corporate income tax revenues for a fiscal year the Board of Economic Advisors shall deduct amounts sufficient to pay the reimbursement required pursuant to:

(1)Reserved;

(2)Section 12-37-270 for the homestead exemption for persons over age sixty-five or disabled, but not including the portion attributable to school operating millage;

(3)Section 12-37-935(B) for manufacturer's additional depreciation;

(4)Section 12-37-450 for the inventory tax exemption; and (5) Section 4-10-540(A) for the reimbursement provided for personal property taxes not collected on private passenger motor vehicles, motorcycles, general aviation aircraft, boats, and boat motors.

(B)There is established in the State Treasury the Trust Fund for Tax Relief (Trust F

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(A) In calculating estimated state individual and corporate income tax revenues for a fiscal year the Board of Economic Advisors shall deduct amounts sufficient to pay the reimbursement required pursuant to: (1) Reserved; (2) Section 12-37-270 for the homestead exemption for persons over age sixty-five or disabled, but not including the portion attributable to school operating millage; (3) Section 12-37-935(B) for manufacturer's additional depreciation; (4) Section 12-37-450 for the inventory tax exemption; and (5) Section 4-10-540(A) for the reimbursement provided for personal property taxes not collected on private passenger motor vehicles, motorcycles, general aviation aircraft, boats, and boat motors. (B) There is established in the State Treasury the Trust Fund for Tax Relief (Trust Fund) which must be maintained separately from the general fund of the State and all other funds. The amounts deducted from state income tax revenues pursuant to subsection (A) are automatically credited to the Trust Fund for the applicable fiscal year. The Board of Economic Advisors shall account for the Trust Fund revenue separately from general fund revenues in reports to the Governor and the General Assembly. (C) The tax as collected must be apportioned to the Trust Fund and to the General Fund in proportion to the reimbursement estimates of the Board of Economic Advisors, as required in subsection (A). (D) An unexpended balance in the Trust Fund at the end of a fiscal year must remain in the Trust Fund. (E) The provisions of this section must not be construed as affecting funding levels for public education. (F) Earnings on the Trust Fund must be credited to the general fund of the State. (G)(1) Nothing in this section prohibits appropriations by the General Assembly of additional revenues to the Trust Fund. (2) Regardless of amounts transferred or appropriated to the Trust Fund for a fiscal year, there is appropriated to the Trust Fund from the general fund of the State any additional amounts necessary to pay the reimbursements due from the Trust Fund.

South Carolina § 11-11-150 (Estimated income tax revenues; deductions in calculations; Trust Fund for Tax Relief; appropriation of funds.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.