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Current Status Bill Number:View additional legislative information at the LPITS web site.402 Type of Legislation:General Bill GB Introducing Body:Senate Introduced Date:20010301 Primary Sponsor:Leatherman All Sponsors:Leatherman Drafted Document Number:l:\council\bills\bbm\9954htc01.doc Residing Body:Senate Current Committee:Finance Committee 06 SF Subject:Gross proceeds of sales not to include fees imposed by retailer on customer making late payment; Taxation, Consumer History Body Date Action Description Com Leg Involved ______ ________ ______________________________________ _______ ____________ Senate 20010301 Introduced, read first time, 06 SF referred to Committee Versions of This Bill
TO AMEND SECTION 12-36-90, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE DEFINITION OF "GROSS PROCEEDS OF SALES" FOR PURPOSES OF THE SOUTH CAROLINA SALES TAX ACT, SO AS TO PROVIDE THAT GROSS PROCEEDS OF SALES DOES NOT INCLUDE INTEREST, FEES, OR CHARGES IMPOSED BY A RETAILER FOR LATE PAYMENT OR FAILURE TO RETURN BY THE DUE DATE.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 12-36-90(2) of the 1976 Code is amended by adding an appropriately lettered subitem at the end to read:
"( ) interest, fees, or charges however described, imposed by a retailer on a customer for late payment or failure to return by the due date."
SECTION 2. This act takes effect approval by the Governor and applies prospectively and retroactively to all tax intervals remaining open for assessment.
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