2003-2004 Bill 1116: State Agencies Receiving Federal Grants, Cost Recovery Requirement

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

DateBodyAction Description with journal page number

3/31/2004SenateIntroduced and read first time SJ11

3/31/2004SenateReferred to Committee on JudiciarySJ11

VERSIONS OF THIS BILL

3/31/2004

A BILL

TO AMEND SECTION 26570 OF THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY EXEMPTING FEDERAL GRANTS AND CONTRACTS WITH AN ANNUAL AWARD OF TWO HUNDRED AND SEVENTYFIVE THOUSAND DOLLARS FROM INDIRECT COST RECOVERY REQUIREMENTS AND TO INCREASE THE AMOUNT OF THE ANNUAL AWARD EXEMPTED BY FOUR PERCENT ANNUALLY UNTIL THE EXEMPTION REACHES AN ANNUAL AWARD AMOUNT OF FOUR HUNDRED THOUSAND DOLLARS.

Be it enacted by the General Assembly of the State of South Carolina:

SECTION1.Section 26570(A) of the 1976 Code is amended to read:

“(A) All agencies receiving federal grants or contracts shall recover the maximum allowable indirect costs on those projects, subject to applicable federal laws and regulations. All indirect cost recoveries must be credited to the general fund of the State, with the exception of recoveries from research and student aid grants and contracts. Further, after January 1, 1999, federal grants and contracts whose annual award is two hundred thousand dollars or less are exempted also from this cost recovery requirement. Beginning July 1, 2004, federal grants and contracts whose annual award is two hundred seventyfive thousand dollars or less are also exempted from this indirect cost recovery requirement. The annual federal grant and contract award amount for indirect cost recovery exemption purposes is to increase by four percent annually, beginning July 1, 2005, until the award amount exempted equals four hundred thousand dollars.”

SECTION2.This act takes July 1, 2004.

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