AMENDMENT FOR SENATE LOCAL GOVERNMENT COMMITTEE ENGROSSED BILL
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___________________ moved that SB 99 be amended as follows:
On page
1 of the Senate Local Government Committee engrossed bill,
delete lines
6 to 10
,
inclusive, and insert:
"
A financial institution may deposit with the county treasurer of any county in which it does
business an amount determined by the financial institution to be applied toward the future tax
liabilities of such financial institution under this chapter to the extent of the share of such tax the
state would be required to remit to the county. Any such tax liabilities shall be satisfied by applying
deposits in the order received against such tax liabilities in the order in which the tax liabilities
occur.".
On page
2
,
after line 8, insert:
"
Section 3. That chapter
10-43
be amended by adding thereto a NEW SECTION to read as
follows:
If any amount deposited under section 1 of this Act is not applied to the institution's tax liabilities
under this chapter within the ten-year period immediately following the date of the deposit, the
unapplied amount shall be refunded by the county to the financial institution. The refund shall be
made within the six-month period immediately following the expiration of the aforementioned ten-
year period.
No interest is payable with respect to the amount refundable, provided the refund is made prior
to the expiration of the six-month period. If the county fails to make the refund by the expiration of
such six-month period, the county shall also pay to the financial institution interest computed from
the expiration of the ten-year period at the Category A rate of interest as established in
§
54-3-16 on
the amount required to be refunded.".