summary
Introduced
04/10/2024
04/10/2024
In Committee
04/10/2024
04/10/2024
Crossed Over
Passed
Dead
05/09/2024
05/09/2024
Introduced Session
125th General Assembly
Bill Summary
Appropriate Up To $1.8 Billion To Provide For A One-time Rebate For Individual Income Taxpayers That Filed A Return In 2023.
AI Summary
This bill appropriates up to $1.8 billion from a recently discovered pass-through account to establish a Taxpayer Rebate Fund. The fund will be used by the Department of Revenue to provide a one-time rebate to individual income taxpayers who filed a return for the 2023 tax year. The rebate amount for each taxpayer will be determined by their proportionate share of the total 2023 individual income tax liability. The department is authorized to retain up to 1% of the fund to cover administrative costs, and any remaining funds will be transferred to the Contingency Reserve Fund after all rebates are issued. The bill takes effect upon the Governor's approval.
Committee Categories
Budget and Finance
Sponsors (20)
Adam Morgan (R)*,
Thomas Beach (R),
Mike Burns (R),
Bill Chumley (R),
April Cromer (R),
Patrick Haddon (R),
Rob Harris (R),
Stewart Jones (R),
Jay Kilmartin (R),
Josiah Magnuson (R),
R.J. May (R),
Ryan McCabe (R),
Timothy Morgan (R),
Roger Nutt (R),
David O'Neal (R),
Melissa Oremus (R),
Jordan Pace (R),
Fawn Pedalino (R),
Joe White (R),
Mark Willis (R),
Last Action
Referred to Committee on Ways and Means (on 04/10/2024)
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.scstatehouse.gov/billsearch.php?billnumbers=5389&session=125&summary=B |
| BillText | https://www.scstatehouse.gov/sess125_2023-2024/prever/5389_20240410.htm |
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