Current Status Bill Number:3824 Type of Legislation:General Bill GB Introducing Body:House Introduced Date:19970403 Primary Sponsor:J. Smith All Sponsors:J. Smith Drafted Document Number:bbm\9149mm.97 Residing Body:House Current Committee:Judiciary Committee 25 HJ Subject:Trust or estate, nonresident beneficiary, income tax collection; exemption regarding withholding of percentage of trust
Body Date Action Description Com Leg Involved
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House 19970403 Introduced, read first time, 25 HJ
referred to Committee
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TO AMEND SECTION 12-8-570, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO WITHHOLDING OF A PERCENTAGE OF A TRUST OR ESTATE DISTRIBUTION TO A NONRESIDENT BENEFICIARY, SO AS TO PROVIDE FOR AN EXEMPTION FOR A NONRESIDENT BENEFICIARY WHO CONSENTS TO PERSONAL JURISDICTION OF THIS STATE FOR DETERMINATION AND COLLECTION OF THIS STATE'S INCOME TAX.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 12-8-570 of the 1976 Code, as added by Act 76 of 1995, is amended by adding:
"(C) If a nonresident beneficiary files an affidavit with the department in a form acceptable to the department agreeing that he is subject to the personal jurisdiction of the department and courts of this State for the purpose of determining and collecting South Carolina taxes, including estimated taxes, together with related interest and penalties, the trust or estate is not required to withhold with regard to that beneficiary. The department may revoke an exemption granted by this subsection at any time it determines that the nonresident beneficiary is violating its terms."
SECTION 2. This act takes effect upon approval by the Governor.