Bill 2655

                    Current Status

Bill Number:               2655
Ratification Number:       47
Act Number                 24
Introducing Body:          House
Subject:                   Declaration and payment of estimated tax
                           by corporations 

(A24, R47, H2655)

AN ACT TO AMEND SECTIONS 12-7-2020 AND 12-7-2030, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO DECLARATION AND PAYMENT OF ESTIMATED TAX BY CORPORATIONS, SO AS TO REQUIRE PAYMENT OF THE FINAL INSTALLMENT OF THE TAX ON THE FIFTEENTH DAY OF THE TWELFTH MONTH AFTER THE BEGINNING OF THE TAX YEAR AND TO CONFORM THE MAKING OF AN AMENDED DECLARATION TO THE SAME SCHEDULE; TO AMEND SECTION 12-21-1050, AS AMENDED, AND 12-21-1320, RELATING TO BEER AND WINE LICENSE TAXES AND THE ADDITIONAL WINE EXCISE TAX, SO AS TO REQUIRE THOSE COLLECTING THE TAXES TO REMIT TAXES DUE FOR THE MONTH OF JUNE BY THE TWENTY-FIFTH OF JUNE; AND TO AMEND SECTIONS 12-33-450 AND 12-33-480, RELATING TO THE COLLECTION OF THE TAX ON ALCOHOLIC LIQUORS, SO AS TO REQUIRE REPORTS ON LIQUOR SALES AND PAYMENT OF TAXES DUE ON THE TWENTIETH DAY OF THE SUCCEEDING MONTH EXCEPT THAT TAXES DUE FOR THE MONTH OF JUNE MUST BE PAID BY THE TWENTY-FIFTH OF JUNE.

Be it enacted by the General Assembly of the State of South Carolina:

Declaration of estimated tax required

SECTION 1. Section 12-7-2020 of the 1976 Code is amended to read:

"Section 12-7-2020. The declaration required by Sections 12-7-2010 to 12-7-2040 must be filed with the Commission on or before the fifteenth day of the third month following the beginning of the taxable year. A taxpayer may amend a declaration of estimated tax on the fifteenth day of the sixth, ninth, or twelfth month and if the amended declaration is filed, the balance of the tax due must be paid in installments proportionately adjusted. At the election of the corporation any installment of the estimated tax may be paid before the date prescribed for its payment."

Payment of tax

SECTION 2. Section 12-7-2030 of the 1976 Code, as last amended by Act 98 of 1981, is amended to read:

"Section 12-7-2030. The amount of estimated tax as defined in Section 12-7-2010 with respect to which a declaration is required under Section 12-7-2010 must be paid as follows:

(1) The estimated tax shown to be due by the declaration must be paid at the time the declaration is filed or may be paid in four equal installments. The first installment must be paid at the time of filing the declaration, the second installment on the fifteenth day of the sixth month after the beginning of the taxable year, the third installment on the fifteenth day of the ninth month after the beginning of the taxable year, and the fourth installment on the fifteenth day of the twelfth month after the beginning of the taxable year.

(2) No interest shall be charged for the payment of installments of estimated tax herein provided for."

Further

SECTION 3. Section 12-21-1050 of the 1976 Code, as last amended by Act 422 of 1980, is further amended to read:

"Section 12-21-1050. The tax prescribed in this article must be paid by requiring each wholesaler to make a report to the Tax Commission, in such form as the Commission may prescribe, of all beer and wine sold or disposed of within this State by the wholesaler and to pay the tax due thereon not later than the twentieth of the month following the sale of beer or wine. In addition, each wholesaler required to collect tax under this chapter shall for the month of June, 1983, and each June thereafter remit based on the estimated tax liability for the same month of the preceding year and shall remit one hundred percent of the estimated tax to the Tax Commission by the twenty-fifth of June. Any wholesaler who fails to file the report or to pay the tax as prescribed herein must pay a penalty of one quarter of one percent of the amount of the tax due and unpaid or unreported for each day the tax remains unpaid or unreported. The penalty shall be assessed and collected by the Tax Commission in the manner as other taxes are assessed and collected. The Tax Commission may grant any wholesaler extensions of time for filing the reports and paying the taxes prescribed herein and no penalties shall be assessed or collected to the extent that such extensions of time are granted."

Report required

SECTION 4. Section 12-21-1320 of the 1976 Code is amended to read:

"Section 12-21-1320. The additional taxes imposed by Section 12-21-1310 shall be levied against and collected from the wholesaler, importer, or any other person first offering such wine for sale within this State. The wholesaler, importer, or other person offering said wine for sale in this State shall make a report to the Tax Commission in such form as the Commission may prescribe and shall pay the tax due thereon not later than the twentieth day of the month following the sale of the wine.

Any wholesaler, importer, or other person first offering wine for sale in this State who fails to file the report or to pay the tax hereby imposed, on or before the twentieth day of the month following the sale of wine, shall pay a penalty of not less than twenty dollars nor more than one thousand dollars, to be assessed and collected by the Commission in the same manner and with like effect as other taxes are collected. The provisions of Section 12-21-1050 shall determine the payment of taxes for the month of June."

Further

SECTION 5. Section 12-33-450 of the 1976 Code is amended to read:

"Section 12-33-450. Every wholesaler of alcoholic liquors must file with the Commission on or before the twentieth day of each calendar month a report covering all sales of alcoholic liquors during the preceding month. In addition, each wholesaler required to collect tax under this chapter shall for the month of June, 1983, and each June thereafter remit based on the estimated tax liability for the same month of the preceding year and shall remit one hundred percent of the estimated tax to the Tax Commission by the twenty-fifth of June."

Date tax due and payable

SECTION 6. Section 12-33-480 of the 1976 Code is amended to read:

"Section 12-33-480. The tax levied in Sections 12-33-410 and 12-33-460 shall be due and payable on or before the twentieth day of the month next succeeding the month in which the tax accrues. On or before the twentieth day of each month every person on whom the tax is levied or imposed by Sections 12-33-410 and 12-33-460 shall render to the Commission, on a form prescribed by it, a statement showing the number of cases of alcoholic liquors sold for the next preceding month, together with such other information as the Commission may require. At the same time the report is filed, the person shall pay to the Commission the amount of taxes due. The taxes provided in Sections 12-33-410 and 12-33-460 constitute a debt payable to the State by the persons against whom they are charged and all the taxes, penalties, and assessments constitute a first lien upon all property of such persons.

The taxes, penalties, or interest in this section must be assessed and collected in the same manner and with like effect as other taxes are assessed and collected by the Tax Commission.

A return is considered filed on time if it is mailed and postmarked on or before the date it is required by law to be filed.

Any person failing to file a return required by this section must be assessed a penalty of not more than one thousand dollars which must be assessed and collected in the same manner and with like effect as other taxes collected by the Tax Commission.

Any person required by this section to pay any tax and who fails to do so within the time allotted shall pay, in addition to the tax, a penalty of twenty-five percent of the tax and interest at one half of one percent per month or fraction of a month from the date the tax was originally due to the date of the payment of the tax and penalty.

The Tax Commission may in its discretion waive or reduce the penalty or interest or any part thereof prescribed in this section. The provisions of Section 12-33-450 shall determine the payment of taxes for the month of June."

Time effective

SECTION 7. This act shall take effect upon approval by the Governor.