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S. Printed 4/5/01--S.
Read the first time April 5, 2001.
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 DO NOT INCLUDE INTEREST, FEES, OR CHARGES IMPOSED ON A CUSTOMER FOR LATE PAYMENT OF A BILL FOR ELECTRICITY OR NATURAL GAS, OR BOTH, WHETHER OR NOT SALES TAX IS REQUIRED TO BE PAID ON THE UNDERLYING BILL.
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 on a customer for late payment of a bill for electricity or natural gas, or both, whether or not sales tax is required to be paid on the underlying electricity or natural gas bill."
SECTION 2. This act takes effect upon approval by the Governor and applies with respect to retail sales occurring on or after that date.
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