Current StatusView additional legislative information at the LPITS web site.Bill Number: 738 Ratification Number: 372 Act Number 341 Introducing Body: Senate Subject: Time limitation on assessments on taxes increased
(A341, R372, S738)
AN ACT TO AMEND SECTIONS 12-29-420 AND 12-31-470, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE TIME LIMITATIONS ON THE ASSESSMENT OF ROAD TAXES ON MOTOR CARRIERS AND MOTOR FUELS OTHER THAN GASOLINE, SO AS TO INCREASE THE TIME LIMITATIONS ON ASSESSMENTS ON TAXES, INTEREST OR PENALTIES FROM TWO TO THREE YEARS.
Be it enacted by the General Assembly of the State of South Carolina:
Time limitation on assessments on taxes increased
Section 1. Section 12-29-420 of the 1976 Code is amended by striking on line eight "two" and inserting "three". The section when amended shall read:
"Section 12-29-420. If the Commission finds from the examination of records or returns of any licensee that the tax imposed by this chapter has not been paid, the Commission shall assess the tax, with penalties and interest herein provided for, and thereupon the amount of such assessment shall become due and payable within ten days {rom the date of notice thereof. Except in case of fraud, no assessment of the tax imposed by this chapter shall be made after three years from the date the return is filed."
Further
Section 2. Section 12-31-470 of the 1976 Code is amended by striking "two" on line two and inserting "three". The section when amended shall read:
"Section 12-31-470. No assessment shall issue on account of any tax or additional tax or penalty or interest except in the case of fraud after three years from the date the return is filed."
Time effective
Section 3. This act shall take effect upon approval by the Governor.