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TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 6-1-155 SO AS TO ESTABLISH AN ACCOUNT IN THE STATE TREASURY CONSISTING OF SALES AND USE TAX REVENUES ATTRIBUTABLE TO THE DELETION OF AN EXEMPTION AND TO PROVIDE THAT THIS REVENUE MUST BE DISTRIBUTED UPON APPLICATION TO COASTAL MUNICIPALITIES AND COUNTIES AND USED TO MAINTAIN SALT WATER QUALITY IN SAA WATERS NEAR CHANNELS USED BY SHIPS IN INTERCOASTAL TRADE AND FOREIGN COMMERCE; AND TO AMEND SECTION 12-36-2120, AS AMENDED, RELATING TO SALES AND USE TAX EXEMPTIONS, SO AS TO DELETE THE EXEMPTION FOR FUEL, LUBRICANTS, AND SUPPLIES USED ON SHIPS IN INTERCOASTAL TRADE OR FOREIGN COMMERCE.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Article 1, Chapter 1, Title 6 of the 1976 Code is amended by adding:
"Section 6-1-155. Notwithstanding any other provision of law providing for the use of sales and use tax revenues, all such revenue attributable to the deletion of the exemption formerly allowed pursuant to Section 12-36-2120(13) must be segregated and maintained in a special account in the State Treasury, the proceeds of which must be distributed upon application to coastal counties and municipalities and used only to maintain salt water quality in SAA waters near channels used for intercoastal trade and foreign commerce."
SECTION 2. Section 12-36-2120(13) of the 1976 Code is amended to read:
fuel, lubricants, and supplies for use or consumption aboard ships in intercoastal trade or foreign commerce. This exemption does not exempt or exclude from the tax the sale of materials and supplies used in fulfilling a contract for the painting, repair, or reconditioning of ships and other watercraft; RESERVED"
SECTION 3. This act takes effect July 1, 2007.
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