South Carolina General Assembly
115th Session, 2003-2004
S. 1116
STATUS INFORMATION
General Bill
Sponsors: Senators Land and Leventis
Document Path: l:\s-resmin\bills\land\smin0086.jcl.doc
Introduced in the Senate on March 31, 2004
Currently residing in the Senate Committee on Judiciary
Summary: State agencies receiving federal grants, cost recovery requirement
HISTORY OF LEGISLATIVE ACTIONS
Date Body Action Description with journal page number
3/31/2004 Senate Introduced and read first time SJ-11
3/31/2004 Senate Referred to Committee on Judiciary SJ-11
VERSIONS OF THIS BILL
3/31/2004
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9 A BILL
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11 TO AMEND SECTION 2-65-70 OF THE CODE OF LAWS
12 OF SOUTH CAROLINA, 1976, BY EXEMPTING FEDERAL
13 GRANTS AND CONTRACTS WITH AN ANNUAL AWARD
14 OF TWO HUNDRED AND SEVENTY-FIVE THOUSAND
15 DOLLARS FROM INDIRECT COST RECOVERY
16 REQUIREMENTS AND TO INCREASE THE AMOUNT OF
17 THE ANNUAL AWARD EXEMPTED BY FOUR PERCENT
18 ANNUALLY UNTIL THE EXEMPTION REACHES AN
19 ANNUAL AWARD AMOUNT OF FOUR HUNDRED
20 THOUSAND DOLLARS.
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22 Be it enacted by the General Assembly of the State of South
23 Carolina:
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25 SECTION 1. Section 2-65-70(A) of the 1976 Code is amended to
26 read:
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28 “(A) All agencies receiving federal grants or contracts shall
29 recover the maximum allowable indirect costs on those projects,
30 subject to applicable federal laws and regulations. All indirect cost
31 recoveries must be credited to the general fund of the State, with
32 the exception of recoveries from research and student aid grants
33 and contracts. Further, after January 1, 1999, federal grants and
34 contracts whose annual award is two hundred thousand dollars or
35 less are exempted also from this cost recovery requirement.
36 Beginning July 1, 2004, federal grants and contracts whose annual
37 award is two hundred seventy-five thousand dollars or less are also
38 exempted from this indirect cost recovery requirement. The
39 annual federal grant and contract award amount for indirect cost
40 recovery exemption purposes is to increase by four percent
41 annually, beginning July 1, 2005, until the award amount
42 exempted equals four hundred thousand dollars.”
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2 SECTION 2. This act takes July 1, 2004.
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