South Carolina Code 12-28-2915. Disposition of taxes collected
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(A) Notwithstanding another provision of law, seven million dollars of the taxes collected pursuant to Article 1, Chapter 23 of Title 12 must be placed in the account for economic development contained in § 12-28-2910 for fiscal year 2005-2006, fourteen million dollars for fiscal year 2006-2007, and twenty million dollars for fiscal year 2007-2008 and for each succeeding fiscal year thereafter.
(B) Beginning in fiscal year 2007-2008, all taxes collected pursuant to Article 1, Chapter 23 of Title 12 in excess of twenty million dollars must be credited to the Department of Transportation which shall:
Terms Used In South Carolina Code 12-28-2915
- Department: means the South Carolina Department of Revenue. See South Carolina Code 12-28-110
- 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.
(1) annually distribute fifty percent of the excess to the State Non-Federal Aid Highway Fund; and
(2) make an annual contribution from nonstate tax sources in an amount equivalent to fifty percent of the excess to the State Highway Account of the South Carolina State Transportation Infrastructure Bank.