Bill 2824

                    Current Status

Bill Number:               2824
Ratification Number:       265
Act Number:                176
Introducing Body:          House
Subject:                        Gross receipts by a person in a
                           business for which a privilege tax is
                           required

(A176, R265, H2824)

AN ACT TO AMEND SECTION 12-35-1250, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE KEEPING OF GROSS SALES AND GROSS RECEIPTS BY A PERSON IN A BUSINESS FOR WHICH A PRIVILEGE TAX IS REQUIRED, SO AS TO PROVIDE THAT THE INVOICES REQUIRED TO BE KEPT BY SUCH PERSON SHALL BEAR THE NAME AND ADDRESS OF THE VENDOR.

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

Records to be kept

SECTION 1. Section 12-35-1250 of the 1976 Code is amended to read:

"Section 12-35-1250. Every person engaging or continuing in this State in any business for which a privilege tax is imposed by this chapter shall keep and preserve suitable records of the gross sales, gross proceeds of sales and gross receipts, or gross receipts of such sales, of the business and any other books of accounts considered necessary to determine the amount of tax to which he is liable under the provisions of this chapter. The taxpayer shall keep and preserve for a period of three years all invoices of goods, wares, and merchandise purchased for resale or otherwise. The invoice shall bear the name and address of the vendor. Any person selling both at wholesale and at retail shall keep his books so as to show separately the gross proceeds of wholesale sales and the gross proceeds of retail sales.

Every seller and every person storing, using, or otherwise consuming in this State tangible personal property purchased from a retailer shall keep records, receipts, invoices, and other pertinent papers in such form as the Commission may require."

Time effective

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