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Bill Number: 3966 Ratification Number: 178 Act Number 116 Introducing Body: House Subject: Relating to sales tax exemptions
(A116, R178, H3966)
AN ACT TO AMEND SECTION 12-35-550, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO SALES TAX EXEMPTIONS, SO AS TO EXEMPT THE GROSS PROCEEDS OF SALES OF DEPRECIABLE ASSETS USED IN THE OPERATION OF THE BUSINESS, PURSUANT TO THE SALE OF THE BUSINESS, AND PROVIDE THAT THIS EXEMPTION ONLY APPLIES WHEN THE ENTIRE BUSINESS IS SOLD BY THE OWNER PURSUANT TO A WRITTEN CONTRACT AND THE PURCHASER CONTINUES THE OPERATION OF THE BUSINESS.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 12-35-550 of the 1976 Code is amended by adding an appropriately numbered item to read:
"( ) The gross proceeds of sales of depreciable assets, used in the operation of a business, pursuant to the sale of the business. This exemption only applies when the entire business is sold by the owner of it, pursuant to a written contract and the purchaser continues operation of the business."
SECTION 2. Upon approval by the Governor, the unnumbered item added in Section 12-35-550 of the 1976 Code by this act is effective for sales occurring after June 30, 1987.