South Carolina Legislature


Session 108 - (1989-1990)Printer Friendly
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S*1065 (Rat #0495, Act #0424 of 1990) General Bill, By Passailaigue, S.S. Martschink, McConnell and M.T. Rose
    A Bill to amend the Code of Laws of South Carolina, 1976, by adding Article 6 in Chapter 9 of Title 12 so as to provide for state income tax withholding on the amount realized from the sale of real property and associated tangible personal property by nonresidents, to provide that the buyer shall withhold and pay over the tax, to provide the method for computing and paying over the amounts withheld, to limit the amount required to be withheld to the total of the net proceeds due the seller, to allow withholding on gain from the sale if the seller provides the purchaser an affidavit stating the amount of the gain and to provide that the seller may apply to the South Carolina Tax Commission for refund of excess withholding, to provide the time for payment, to allow the South Carolina Tax Commission to exempt classes of transactions and extend time for payment, to provide definitions, and to provide that the lending institution, real estate agent, and closing attorney are not liable for collecting the amount to be withheld; and to amend Section 12-9-310, as amended, relating to income tax withholding, so as to delete the withholding requirement on sales of real property and associated tangible personal property by nonresidents.-amended title
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01/11/90Senate Introduced and read first time SJ-14
01/11/90Senate Referred to Committee on Finance SJ-14
01/31/90Senate Committee report: Favorable with amendment Finance SJ-14
01/31/90Senate Read second time SJ-15
01/31/90Senate Ordered to third reading with notice of amendments SJ-15
02/01/90Senate Amended SJ-14
02/01/90Senate Read third time and sent to House SJ-16
02/06/90House Introduced and read first time HJ-16
02/06/90House Referred to Committee on Ways and Means HJ-17
03/07/90House Committee report: Favorable Ways and Means HJ-12
03/21/90House Debate adjourned until Wednesday, April 4, 1990 HJ-29
04/04/90House Read second time HJ-27
04/04/90House Reconsider vote whereby read second time HJ-30
04/04/90House Debate adjourned until Thursday, April 5, 1990 HJ-3
04/05/90House Read second time HJ-23
04/05/90House Unanimous consent for third reading on next legislative day HJ-24
04/06/90House Read third time and enrolled HJ-6
04/19/90 Ratified R 495
04/25/90 Signed By Governor
04/25/90 Act No. 424
04/25/90 See act for exception to or explanation of effective date
05/14/90 Copies available

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