(b) if a forecast reduction is submitted by the Board of Economic Advisors pursuant to Section 119880 after April tenth for the next fiscal year, the adjournment date for the General Assembly may be extended up to two weeks with the agreement of the Speaker of the House and the President Pro Tempore of the Senate; or (c) if a concurrent resolution is adopted by a twothirds vote of both the Senate and House of Representatives not later than five the second first Thursday in May June. During the o’clock p.m. on time between the second first Thursday in May five o’clock p.m. on June and the extended sine die adjournment date, as set forth herein, no legislation or other business may be considered except the general appropriations bill and any matters approved for consideration by a concurrent resolution adopted by twothirds vote in both houses.” SECTION 2. Section 119880(A) of the 1976 Code is amended to read: The Board of Economic Advisors shall make an initial “(A) forecast of economic conditions in the State and state revenues for the next fiscal year no later than November tenth of each year. Adjustments to the forecast must be considered on December tenth and February fifteenth January tenth. A final forecast for the next fiscal year must be made on April tenth February fifteenth. However, prior to June thirtieth, the board may reduce forecasts for the next fiscal year as it considers necessary. The February fifteenth forecast may be adjusted monthly if the board determines that changing economic conditions have affected the February fifteenth forecast. Before making or adjusting any forecast, the board must consult with outside economic experts with respect to national and South Carolina economic business conditions. All forecasts and adjusted forecasts must contain: (1) a brief description of the economic model and all assumptions and basic decisions underlying the forecasts; (2) a projection of state revenues on a quarterly basis; (3) separate discussions of any industry which employs more than twenty percent of the state’s total nonagricultural employment and separate projections for these industries.” SECTION 3. This act takes effect upon the approval by the Governor. XX
(b) if a forecast reduction is submitted by the Board of Economic Advisors pursuant to Section 119880 after April tenth for the next fiscal year, the adjournment date for the General Assembly may be extended up to two weeks with the agreement of the Speaker of the House and the President Pro Tempore of the Senate; or (c) if a concurrent resolution is adopted by a twothirds vote of both the Senate and House of Representatives not later than five o’clock p.m. on the second first Thursday in May June. During the time between five o’clock p.m. on the second first Thursday in May June and the extended sine die adjournment date, as set forth herein, no legislation or other business may be considered except the general appropriations bill and any matters approved for consideration by a concurrent resolution adopted by twothirds vote in both houses.” SECTION 2. Section 119880(A) of the 1976 Code is amended to read: “(A) The Board of Economic Advisors shall make an initial forecast of economic conditions in the State and state revenues for the next fiscal year no later than November tenth of each year. Adjustments to the forecast must be considered on December tenth and February fifteenth January tenth. A final forecast for the next fiscal year must be made on April tenth February fifteenth. However, prior to June thirtieth, the board may reduce forecasts for the next fiscal year as it considers necessary. The February fifteenth forecast may be adjusted monthly if the board determines that changing economic conditions have affected the February fifteenth forecast. Before making or adjusting any forecast, the board must consult with outside economic experts with respect to national and South Carolina economic business conditions. All forecasts and adjusted forecasts must contain: (1) a brief description of the economic model and all assumptions and basic decisions underlying the forecasts; (2) a projection of state revenues on a quarterly basis; (3) separate discussions of any industry which employs more than twenty percent of the state’s total nonagricultural employment and separate projections for these industries.” SECTION 3. This act takes effect upon the approval by the Governor. XX