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TO AMEND SECTION 12-36-2120, AS AMENDED, RELATING TO SALES TAX EXEMPTIONS, SO AS TO EXEMPT SALES TO ANY ENTITY OF THE SOUTH CAROLINA STATE GOVERNMENT FROM STATE-IMPOSED SALES TAXES AND TO PROVIDE REVENUE ADJUSTMENTS TO HOLD HARMLESS EDUCATION FUNDING AND THE HOMESTEAD EXEMPTION FUND.
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 item at the end to read:
"( )(a) otherwise taxable transactions when the purchaser is an entity of the South Carolina State government, but this exemption does not apply to any local sales and use tax administered by the South Carolina Department of Revenue;
(b) an amount of income tax revenue credited to the general fund of the State estimated by the Board of Economic Advisors to equal sales tax revenues not collected because of the exemption allowed by this item must be transferred or recharacterized as appropriate to replace the revenues not collected in order to hold harmless the EIA Fund, the Homestead Exemption Fund, and the sales tax revenues used as provided pursuant to Section 59-21-1010(A)."
SECTION 2. This act takes effect upon approval by the Governor.
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