South Carolina Code 11-11-240. Safety Maintenance Account
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(A) There is created in the State Treasury the Safety Maintenance Account. This account is separate and distinct from the general fund of the State and all other funds. Earnings and interest on this fund must be credited to it and any balance in this fund at the end of a fiscal year carries forward in the fund in the succeeding fiscal year, subject to the provision of § 12-6-3780(C). Notwithstanding § 56-3-627, the account must be credited any funds collected pursuant to § 56-3-627(D). The funds in the account only must be appropriated to offset the costs of the refundable income tax credit allowed pursuant to § 12-6-3780.
(B) Notwithstanding subsection (A), after December 31, 2022, the Safety Maintenance Account shall no longer be credited funds collected pursuant to § 56-3-627(D). Once the account has expended all its funds on the costs of the credit or are transferred to the Infrastructure Maintenance Trust Fund pursuant to § 12-6-3780(C), this section is repealed.
Terms Used In South Carolina Code 11-11-240
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.