S299 - Reimburse Late Audit Costs with Sales Tax Rev. (SL 2023-59)

Overview: S.L. 2023-59 authorizes the Local Government Commission to withhold a county or municipality's sales tax distribution if the county or municipality fails to submit an annual audit report. The amount withheld is equivalent to 150% of the cost of the required audit.

This bill was vetoed by the Governor on June 19, 2023, and that veto was overridden by the General Assembly on June 27, 2023. Section 1 of the act becomes effective January 1, 2024, and applies to audits for fiscal years ending on or after June 30, 2023. The remainder of the act became effective June 27, 2023.