(A) The revenues of the sales and use tax collected under this article must be remitted to the State Treasurer and credited to a fund separate and distinct from the general fund of the State. If revenue of the tax is shared, the school district shall forward a certified copy of the resolution and an incorporated memorandum of agreement to the State Treasurer. After deducting the amount of refunds made and costs to the Department of Revenue of administering the tax, not to exceed one percent of the revenues, the State Treasurer shall distribute the revenues monthly as provided pursuant to subsection (B) of this section. The State Treasurer may correct misallocation costs or refunds by adjusting proportionately subsequent distributions, but these adjustments must be made in the same fiscal year as the misallocation.
(B) The State Treasurer shall distribute proceeds of the tax due the school district to the county treasurer for the benefit of the school district. If revenues are shared, any revenue due the area commission or higher education board of trustees, or both of these entities, must be distributed by the State Treasurer monthly to approved accounts of those entities. All such distributions must be proportionately reduced by amounts attributable to refunds and administration as provided pursuant to subsection (A) of this section.
(C) Except as provided in Section 4-10-445, withdrawals by a school district of tax proceeds from the county treasurer must be made in the same manner as are funds appropriated to the school districts by the State. Pending these withdrawals, taxes must be deposited in an account for the school district, separate and distinct from accounts established for any other purpose, and investment earnings derived from monies in such an account must be credited to the account. The school district shall maintain records which demonstrate that tax proceeds are spent only for the purposes as approved by its board of trustees and in accordance with this article.
(D) The proceeds of the sales and use tax paid to the county treasurer for the benefit of a school district must be applied only for the purposes set forth in the resolution adopted pursuant to Section 4-10-425.
HISTORY: 2008 Act No. 316, Section 1, eff upon approval (became law without the Governor's signature on June 12, 2008).
Structure South Carolina Code of Laws
Chapter 10 - Local Sales And Use Tax
Section 4-10-20. Rate of tax; exemptions; reports by utilities; rental units.
Section 4-10-25. Construction contracts; application.
Section 4-10-35. Petition to rescind tax; referendum.
Section 4-10-40. Distribution of revenue allocated to Property Tax Credit Fund.
Section 4-10-50. Distribution of revenue set aside for the County/Municipal Revenue Fund.
Section 4-10-67. Deposit and distribution of local option use tax.
Section 4-10-70. Determination of amount to be received by eligible unit within county area.
Section 4-10-80. Reports as to total amount of revenue collected.
Section 4-10-100. Commencement of local sales and use tax.
Section 4-10-300. Short title.
Section 4-10-310. Imposition of tax.
Section 4-10-315. Additional sale and use tax not exceeding one percent.
Section 4-10-320. Commission creation; composition.
Section 4-10-330. Contents of ballot question; purpose for which proceeds of tax to be used.
Section 4-10-340. Tax imposition and termination.
Section 4-10-350. Department of Revenue to administer and collect local tax.
Section 4-10-360. Revenue remitted to State Treasurer and held in a separate fund.
Section 4-10-370. Calculating distributions to counties; confidentiality.
Section 4-10-380. Unidentified funds; transfer and supplemental distributions.
Section 4-10-390. Reimposition of tax.
Section 4-10-410. Citation of act.
Section 4-10-415. Definitions.
Section 4-10-425. Procedure for imposing tax; referendum; ballot.
Section 4-10-430. Commencement and termination.
Section 4-10-435. Collection and administration by Department of Revenue.
Section 4-10-440. Remitting revenues to State Treasurer; distribution and use of proceeds.
Section 4-10-445. Application of proceeds to debt service.
Section 4-10-450. Availability of data to calculate distributions and estimate revenues.
Section 4-10-460. Renewal or reimposition of tax.
Section 4-10-470. Counties in which sales and use tax may be imposed.
Section 4-10-510. Short title.
Section 4-10-530. Meaning of "county".
Section 4-10-540. Imposition of sales and use tax to replace vehicle tax.
Section 4-10-550. Ordinance and referendum; certification of results.
Section 4-10-560. Date of imposition.
Section 4-10-570. Petition to rescind; referendum.
Section 4-10-580. Administration and collection.
Section 4-10-590. Distribution of revenues.
Section 4-10-600. Availability of data to calculate distributions.
Section 4-10-720. Definitions.
Section 4-10-730. Local option sales and use tax; credit against property tax liability.
Section 4-10-750. Subsequent referendum.
Section 4-10-760. Referendum on question of rescinding tax.
Section 4-10-770. Collection process.
Section 4-10-780. Distribution of revenues.
Section 4-10-800. Millage limits.
Section 4-10-910. Citation of article.
Section 4-10-920. Definitions.
Section 4-10-940. Allowable fee; administration and collection.
Section 4-10-960. Information for purpose of calculating distributions and estimating revenues.
Section 4-10-980. Reimposition of local option tourism development fee.
Section 4-10-1010. Preservation procurements defined; sales and use tax.
Section 4-10-1030. Imposition and termination of the tax.
Section 4-10-1040. Administration and collection of the tax.
Section 4-10-1050. Distributions to counties; confidentiality.
Section 4-10-1060. Unidentified funds, transfers, and supplemental distributions.