South Carolina General Assembly
117th Session, 2007-2008

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A34, R67, H3289

STATUS INFORMATION

General Bill
Sponsors: Rep. Vick
Document Path: l:\council\bills\bbm\9678htc07.doc

Introduced in the House on January 17, 2007
Introduced in the Senate on April 26, 2007
Passed by the General Assembly on May 23, 2007
Governor's Action: June 1, 2007, Vetoed
Legislative veto action(s): Veto overridden

Summary: Sales and use tax exemptions

HISTORY OF LEGISLATIVE ACTIONS

     Date      Body   Action Description with journal page number
-------------------------------------------------------------------------------
   1/17/2007  House   Introduced and read first time HJ-14
   1/17/2007  House   Referred to Committee on Ways and Means HJ-14
   4/24/2007  House   Recalled from Committee on Ways and Means HJ-122
   4/25/2007  House   Read second time HJ-34
   4/26/2007  House   Debate adjourned HJ-8
   4/26/2007  House   Read third time and sent to Senate HJ-16
   4/26/2007  Senate  Introduced and read first time SJ-5
   4/26/2007  Senate  Referred to Committee on Finance SJ-5
   5/16/2007  Senate  Committee report: Favorable Finance SJ-13
   5/22/2007  Senate  Read second time SJ-23
   5/23/2007  Senate  Read third time and enrolled SJ-68
   5/29/2007          Ratified R 67
    6/1/2007          Vetoed by Governor
    6/5/2007  House   Veto overridden by originating body Yeas-75  Nays-21 
                        HJ-50
    6/6/2007  Senate  Veto sustained: Yeas-26 Nays-15
    6/6/2007  Senate  Reconsidered vote whereby veto  was sustained
    6/6/2007  Senate  Veto overridden Yeas-36  Nays-5
   6/13/2007          Copies available
   6/13/2007          Effective date 07/01/07
   6/15/2007          Act No. 34

View the latest legislative information at the LPITS web site

VERSIONS OF THIS BILL

1/17/2007
4/24/2007
5/16/2007


(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

(A34, R67, H3289)

AN ACT TO AMEND SECTION 12-36-2120, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO SALES TAX EXEMPTIONS, SO AS TO EXEMPT FROM SALES TAX THE GROSS PROCEEDS OF SALES OR SALES PRICE OF GOLD, SILVER, AND PLATINUM BULLION, LEGAL TENDER COINS, AND CURRENCY AND TO REQUIRE THE RETAILER TO MAINTAIN PROPER DOCUMENTATION AS REQUIRED BY THE SOUTH CAROLINA DEPARTMENT OF REVENUE FOR EACH EXEMPT SALE.

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

Sales tax exemption

SECTION    1.    Section 12-36-2120 of the 1976 Code, as last amended by Act 386 of 2006, is further amended by adding an appropriately numbered new item at the end to read:

"( )(a)    gold, silver, or platinum bullion, or any combination of this bullion;

(b)    coins that are or have been legal tender in the United States or other jurisdiction; and

(c)    currency.

The department shall prescribe documentation that must be maintained by retailers claiming the exemption allowed by this item. This documentation must be sufficient to identify each individual sale for which the exemption is claimed."

Time effective

SECTION    2.    This act takes effect July 1, 2007.

Ratified the 29th day of May, 2007.

Vetoed by the Governor -- 6/1/07.

Veto overridden by House -- 6/5/07.

Veto overridden by Senate -- 6/6/07.

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This web page was last updated on Wednesday, December 2, 2009 at 3:38 P.M.