Bill Text: SC S0753 | 2019-2020 | 123rd General Assembly | Comm Sub

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Insurance premium tax

Spectrum: Partisan Bill (Republican 2-0)

Status: (Passed) 2020-10-02 - Act No. 149 [S0753 Detail]

Download: South_Carolina-2019-S0753-Comm_Sub.html

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COMMITTEE REPORT

March 12, 2020

S. 753

Introduced by Senator Gambrell

S. Printed 3/12/20--S.

Read the first time April 10, 2019.

            

THE COMMITTEE ON BANKING AND INSURANCE

To whom was referred a Bill (S. 753) to amend Section 38-7-20, as amended, Code of Laws of South Carolina, 1976, relating to insurance premium taxes, so as to transfer one percent, 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, by striking SECTIONS 2 and 3 and inserting:

/    SECTION    2.     On July 1, 2020, the State Treasurer shall transfer to the V-SAFE Program any funds in the aid to fire districts account that are attributable to insurance premium taxes credited to the account pursuant to Section 38-7-20.

SECTION    3.    This act takes effect on July 1, 2020.            /

Renumber sections to conform.

Amend title to conform.

RONNIE W. CROMER for Committee.

            

A BILL

TO AMEND SECTION 38-7-20, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO INSURANCE PREMIUM TAXES, SO AS TO TRANSFER ONE PERCENT OF THE REVENUES TO THE V-SAFE PROGRAM; AND TO TRANSFER CERTAIN FUNDS TO THE V-SAFE PROGRAM.

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

SECTION    1.    Section 38-7-20(B)(2) of the 1976 Code, as last amended by Act 6 of 2019, is further amended to read:

"(2)    one percent must be transferred to the aid to fire districts account within the State Treasury and distributed for firefighting equipment. One-half of the annual allocated funds must be distributed equally to each fire department in the State, and the remaining balance must be used to fund the V-SAFE program pursuant to Section 23-9-25;"

SECTION    2.    On July 1, 2019, the State Treasurer shall transfer to the V-SAFE Program any funds in the aid to fire districts account that are attributable to insurance premium taxes credited to the account pursuant to Section 38-7-20.

SECTION    3.    This act takes effect July 1, 2019.