Bill 22

                    Current Status

Bill Number:               22
Ratification Number:       40
Act Number:                234
Introducing Body:          Senate
Subject:                        Allow a sales tax credit for
                           retailers reporting sales pursuant to the
                           method allowed for

(A234, R40, S22)

A JOINT RESOLUTION TO ALLOW A SALES TAX CREDIT FOR RETAILERS REPORTING SALES PURSUANT TO THE METHOD ALLOWED FOR CONDITIONAL SALES CONTRACTS IN SECTION 12-35-540 OF THE CODE OF LAWS OF SOUTH CAROLINA, 1976, IN AN AMOUNT EQUAL TO THE TAX INCREASE IMPOSED BY SECTION 12-35-515 OF THE 1976 CODE ON CONDITIONAL SALES CONTRACTS ENTERED INTO PRIOR TO JULY 1, 1984.

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

Credit

SECTION 1. Retailers who report sales pursuant to Section 12-35-540 of the 1976 Code for purposes of paying the sales tax are allowed a credit against sales tax otherwise due equal to the amount of the tax imposed by Section 12-35-515 of the 1976 Code on conditional sales contracts entered into by the retailer prior to July 1, 1984, on which a sales tax of four percent was added to the purchase price. For eligible contracts, the credit is retroactive to all installment payments made after June 30, 1984. The South Carolina Tax Commission shall prescribe forms and establish procedures for allowing the credit.

Time effective

SECTION 2. This act shall take effect upon approval by the Governor.