H 4124 General Bill, By J.L. Harris
 A Bill to amend Section 12-54-250, Code of Laws of South Carolina, 1976,
 relating to the authority of the South Carolina Tax Commission to require tax
 payments in funds immediately available to the State, so as to exempt a
 manufacturing facility located in a county with a population of less than
 forty-five thousand and in a municipality within that county with a population
 of less than seven hundred fifty.

   01/14/92  House  Introduced and read first time HJ-189
   01/14/92  House  Referred to Committee on Ways and Means HJ-189

A BILL

TO AMEND SECTION 12-54-250, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE AUTHORITY OF THE SOUTH CAROLINA TAX COMMISSION TO REQUIRE TAX PAYMENTS IN FUNDS IMMEDIATELY AVAILABLE TO THE STATE, SO AS TO EXEMPT A MANUFACTURING FACILITY LOCATED IN A COUNTY WITH A POPULATION OF LESS THAN FORTY-FIVE THOUSAND AND IN A MUNICIPALITY WITHIN THAT COUNTY WITH A POPULATION OF LESS THAN SEVEN HUNDRED FIFTY.

Be it enacted by the General Assembly of the State of South Carolina:

SECTION 1. Section 12-54-250 (A) of the 1976 Code, as added by Act 612 of 1990, is amended to read:

"(A) Except as provided in subsection (E), The the South Carolina Tax Commission may require, consistent with the cash management policies of the State Treasurer, that any person owing twenty thousand dollars or more in connection with any return, report, or other document to be filed with the commission shall pay the tax liability to the State no later than the date the payment is required by law to be made in funds which are available immediately to the State on the date of payment. Payment in immediately available funds may be made by any means established by the commission, with the approval of the State Treasurer, which insures the availability of those funds to the State on the date of payment. Evidence of the payment must be furnished to the commission on or before the due date of the tax as provided by law. Failure to make timely payment in immediately available funds or failure to provide evidence of payment in a timely manner subjects the taxpayer to penalties and interest as provided by law for delinquent or deficient tax payments."

SECTION 2. Section 12-54-250 of the 1976 Code, as added by Act 612 of 1990, is amended by adding:

"(E) The provisions of this section do not apply to taxes owed by a manufacturing facility located in a county with a population of less than forty-five thousand and in a municipality within that county with a population of less than seven hundred fifty according to the 1990 United States Census."

SECTION 3. This act takes effect upon approval by the Governor.