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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, 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:
SECTION 1. Section 12-36-2120 of the 1976 Code is 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; and
(b) coins or currency, or a combination of coins and 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."
SECTION 2. This act takes effect July 1, 2005.
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