Current Status Introducing Body:
SenateBill Number: 530Primary Sponsor: PassailaigueCommittee Number: 06Type of Legislation: JRSubject: Capital gains disclosure formResiding Body: SenateCurrent Committee: FinanceComputer Document Number: 530Introduced Date: Jan 22, 1991Last History Body: SenateLast History Date: Jan 22, 1991Last History Type: Introduced, read first time, referred to CommitteeScope of Legislation: StatewideAll Sponsors: Passailaigue O'Dell McGill Helmly Nell W. Smith Giese Mitchell McConnell Rose FieldingType of Legislation: Joint Resolution
Bill Body Date Action Description CMN ---- ------ ------------ ------------------------------ --- 530 Senate Jan 22, 1991 Introduced, read first time, 06 referred to CommitteeView additional legislative information at the LPITS web site.
TO REQUIRE THE SOUTH CAROLINA TAX COMMISSION TO DRAFT AND USE A FORM, TO BE FILED BY CERTAIN TAXPAYERS, THAT WOULD DISCLOSE CERTAIN INFORMATION BY TAXPAYERS WHO CLAIMED OR WILL CLAIM A TAX REFUND AS A RESULT OF THE TREATMENT OF CAPITAL GAINS RECOGNITION BY SECTION 12-7-460.
Whereas, in recent days, there has been a growing concern among the people of South Carolina and the members of the General Assembly over the propriety of the effects of the treatment of long-term capital gains as provided for by Section 12-7-460, adopted in 1988 and amended in 1989; and
Whereas, the General Assembly and the people of South Carolina are determined to better understand the events surrounding the passage of this statute; and
Whereas, if certain taxpayers have or will take advantage of this capital gains treatment, public accountability dictates that certain disclosures must be made by the claiming taxpayer; and
Whereas, the General Assembly finds it necessary and proper to identify the people and gain a complete understanding of the actions of the people who played a role in the law's passage. Now, therefore,
Be it resolved by the General Assembly of the State of South Carolina:
SECTION 1. Effective for the tax years 1990 and 1991, the South Carolina Tax Commission is directed to develop a disclosure form to be completed, signed, and filed by any taxpayer who claims a refund or is granted a credit under the provisions of Section 12-7-460.
The form must contain references specific to Section 27, Part II, Act 658 of 1988 and Section 42, Part II, Act 189 of 1989 wherein there must be disclosures by a taxpayer, filing pursuant to Section 12-7-460, of whether the taxpayer contacted a member of the General Assembly, the Governor, Lieutenant Governor, or their respective staffs concerning a change in tax treatment of capital gains before, during, or after passage of this legislation. On the form prepared by the Tax Commission, the taxpayer must indicate who was contacted, the nature of the contact, the name and address of anyone who was retained with or without compensation to lobby for the legislation on behalf of the taxpayer or retaining party, and whether the taxpayer is or was a member of a group or organization which either directly or indirectly contacted a member of the General Assembly, the Governor, the Lieutenant Governor, or their respective staffs concerning a change in the capital gains treatment.
The disclosure form must be returned to the Tax Commission with the tax return claiming the refund, or if the refund has already been credited or applied for, the disclosure form must be submitted to the commission within a reasonable time after receipt, as determined by the commission.
If a complete disclosure form is not filed, the taxpayer must not receive the tax refund and the refund amount must escheat to the State.
If a taxpayer knowingly signs a false or misleading disclosure form, the taxpayer is guilty of a felony and must be punished as provided for perjury, and the amount of the refund must be returned to the State.
If any person is convicted of a state or federal felony in connection with the passage of this legislation, then the refund must escheat to the State in full.
SECTION 2. A copy of all forms received by the Tax Commission pursuant to this act must be forwarded to the Secretary of State's Office to assist in the enforcement of Chapter 17, Title 2 relating to the regulation of lobbyists.
SECTION 3. This act takes effect upon approval by the Governor.