Revenue sharing is a funding arrangement in which one government unit grants a portion of its tax income to another government unit. For example, provinces or states may share revenue with local governments, or national governments may share revenue with provinces or states. Laws determine the formulas by which revenue is shared, limiting the controls that the unit supplying the money can exercise over the receiver and specifying whether matching funds must be supplied by the receiver.
This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.
South Carolina Revenue Sharing Agreement is a formalized fiscal arrangement between the state government of South Carolina and its local governmental entities, aimed at distributing revenue generated by certain sources in a mutually agreed-upon manner. This agreement exists to promote financial cooperation and provide a fair distribution of funds to support various local programs and services. One type of South Carolina Revenue Sharing Agreement is the Local Government Fund (LGF) revenue sharing. Under this program, a specific portion of state tax revenues collected is allocated to county and municipal governments based on a statutory formula. The LGF revenue sharing ensures that local governments receive a consistent and predictable share of the state's general revenues, thereby supporting their ability to provide essential public services like education, public safety, and infrastructure development. Another type of revenue sharing agreement is the Accommodations Tax (AT) revenue sharing. South Carolina law imposes a tax on overnight accommodations (e.g., hotels, motels, vacation rentals) within the state. A certain percentage of these taxes collected by the state is distributed to local jurisdictions based on their respective tourism-related activities and expenditures. This revenue sharing agreement helps local governments promote tourism, enhance visitor experiences, and bolster economic growth within their communities. Furthermore, South Carolina also has a Revenue Stabilization Reserve Fund (ESRF), which functions as a revenue sharing mechanism between the state government and local entities during fiscal emergencies or economic downturns. The ESRF provides an avenue for sharing any surplus state revenues, while also incurring any necessary reductions in local government funds in times of revenue shortfalls. This type of revenue sharing agreement ensures the maintenance of stable local government financing and enables both the state and local governments to navigate financial uncertainties collectively. In summary, South Carolina Revenue Sharing Agreement encompasses various programs such as the Local Government Fund revenue sharing, Accommodations Tax revenue sharing, and Revenue Stabilization Reserve Fund. These agreements facilitate a collaborative approach between the state government and local entities, ensuring equitable distribution of funds to support essential services, promote tourism, and stabilize public finances during periods of economic uncertainty.South Carolina Revenue Sharing Agreement is a formalized fiscal arrangement between the state government of South Carolina and its local governmental entities, aimed at distributing revenue generated by certain sources in a mutually agreed-upon manner. This agreement exists to promote financial cooperation and provide a fair distribution of funds to support various local programs and services. One type of South Carolina Revenue Sharing Agreement is the Local Government Fund (LGF) revenue sharing. Under this program, a specific portion of state tax revenues collected is allocated to county and municipal governments based on a statutory formula. The LGF revenue sharing ensures that local governments receive a consistent and predictable share of the state's general revenues, thereby supporting their ability to provide essential public services like education, public safety, and infrastructure development. Another type of revenue sharing agreement is the Accommodations Tax (AT) revenue sharing. South Carolina law imposes a tax on overnight accommodations (e.g., hotels, motels, vacation rentals) within the state. A certain percentage of these taxes collected by the state is distributed to local jurisdictions based on their respective tourism-related activities and expenditures. This revenue sharing agreement helps local governments promote tourism, enhance visitor experiences, and bolster economic growth within their communities. Furthermore, South Carolina also has a Revenue Stabilization Reserve Fund (ESRF), which functions as a revenue sharing mechanism between the state government and local entities during fiscal emergencies or economic downturns. The ESRF provides an avenue for sharing any surplus state revenues, while also incurring any necessary reductions in local government funds in times of revenue shortfalls. This type of revenue sharing agreement ensures the maintenance of stable local government financing and enables both the state and local governments to navigate financial uncertainties collectively. In summary, South Carolina Revenue Sharing Agreement encompasses various programs such as the Local Government Fund revenue sharing, Accommodations Tax revenue sharing, and Revenue Stabilization Reserve Fund. These agreements facilitate a collaborative approach between the state government and local entities, ensuring equitable distribution of funds to support essential services, promote tourism, and stabilize public finances during periods of economic uncertainty.
