Current Status Introducing Body:Senate Bill Number:1225 Primary Sponsor:Drummond Committee Number:06 Type of Legislation:GB Subject:Rate of taxes imposed on certain items Residing Body:Senate Current Committee:Finance Computer Document Number:JIC/5391HC.94 Introduced Date:19940302 Last History Body:Senate Last History Date:19940302 Last History Type:Introduced, read first time, referred to Committee Scope of Legislation:Statewide All Sponsors:Drummond Type of Legislation:General Bill
Bill Body Date Action Description CMN Leg Involved
____ ______ ____________ ______________________________ ___ ____________
1225 Senate 19940302 Introduced, read first time, 06
referred to Committee
View additional legislative information at the LPITS web site.
TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 12-2-80 SO AS TO INDEX TO INFLATION THE RATE OF TAX IMPOSED ON ALCOHOLIC BEVERAGES, BEER AND WINE, TOBACCO PRODUCTS, ELECTRIC POWER, GASOLINE TAXES LEVIED FOR "C" FUNDS, AND SOFT DRINKS, AND TO PROVIDE FOR AN INFLATION ADJUSTMENT FOR THE MAXIMUM SALES TAX ON AUTOMOBILES, BOATS, AIRCRAFT, MOTORCYCLES, AND CERTAIN OTHER ITEMS OF TANGIBLE PERSONAL PROPERTY.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Chapter 2, Title 12 of the 1976 Code is amended by adding:
"Section 12-2-80. (A) The rate of the taxes imposed on alcoholic beverages pursuant to Sections 12-33-230, 12-33-240, 12-33-410, 12-33-420, 12-33-460, and 61-5-130 must be adjusted effective each July first in an amount equal to the percentage increase, if any, in the Consumer Price Index for Alcoholic Beverages as determined by the Bureau of Labor Statistics, Unites States Department of Labor, in the twelve months ending December 31 preceding the adjustment date.
(B) The rate of the taxes imposed on beer and wine pursuant to Sections 12-21-1020, 12-21-1030, and 12-21-1310 must be adjusted effective each July first in the manner provided in subsection (A) for adjustments in the tax rates on alcoholic beverages.
(C) The rate of the taxes imposed on soft drinks pursuant to Sections 12-21-1740, 12-21-1760, 12-21-1840, and 12-21-2120 must be adjusted effective each July first in an amount equal to the percentage increase, if any, in the Consumer Price Index for Nonalcoholic Beverages as determined by the Bureau of Labor Statistics, United States Department of Labor, in the twelve months ending December 31 preceding the adjustment date.
(D) The rate of the taxes imposed on tobacco products pursuant to Section 12-21-620 must be adjusted effective each July first in an amount equal to the percentage increase, if any, in the Consumer Price Index for Tobacco Products as determined by the Bureau of Labor Statistics, United States Department of Labor, in the twelve months ending December 31 preceding the adjustment date.
(E) The rate of the tax imposed on electric power pursuant to Section 12-23-10 must be adjusted effective each July first in an amount equal to the percentage increase, if any, in the Consumer Price Index on Gas (piped) and Electricity as determined by the Bureau of Labor Statistics, United States Department of Labor, in the twelve months ending December 31 preceding the adjustment date.
(F) The rate of the tax imposed on gasoline pursuant to Section 12-27-240 must be adjusted effective each July first in an amount equal to the percentage increase, if any, in the Consumer Price Index for All Items, as determined by the Bureau of Labor Statistics, United States Department of Labor, in the twelve months ending December 31 preceding the adjustment date.
(G) The maximum sales, use, and casual excise tax provided pursuant to Section 12-36-2110 must be adjusted effective each July first in an amount equal to the percentage increase, if any, in the Consumer Price Index for New Cars as determined by the Bureau of Labor Statistics, United States Department of Labor, in the twelve months ending December 31 preceding the adjustment date. Wherever in Chapter 36 of this title there is a formula calculating the tax of an item subject to the maximum tax, the Department of Revenue and Taxation shall on the adjustment date provided in this subsection adjust the elements of the formula to conform to any increase in the maximum tax and the adjusted formula shall thenceforth apply.
(H) The Department of Revenue and Taxation shall calculate the adjusted rates and adjusted limit required pursuant this section and publish the adjusted rates and adjusted limit before April first preceding the date the adjusted rates and limit take effect. The department shall round cents to the nearest cent, mils to the nearest one-tenth mil, and dollars to the nearest dollar. On July first of each year the tax rates and the maximum tax as adjusted pursuant to this section apply with respect to taxes accruing on or after that date and until a subsequent adjustment."
SECTION 2. This act takes effect January 1, 1995.