H*2828(Rat #0338, Act #0325 of 1988)  General Bill, By H.H. Keyserling
 A Bill to amend Section 12-7-790, Code of Laws of South Carolina, 1976,
 relating to state income tax deferrals on foreign trade receipts, so as to
 delete a reference to taxable income.

   04/08/87  House  Introduced and read first time HJ-1665
   04/08/87  House  Referred to Committee on Ways and Means HJ-1665
   05/19/87  House  Committee report: Favorable Ways and Means HJ-2886
   05/20/87  House  Read second time HJ-3042
   05/21/87  House  Read third time and sent to Senate HJ-3072
   05/26/87  Senate Introduced and read first time SJ-2304
   05/26/87  Senate Referred to Committee on Finance SJ-2304
   01/27/88  Senate Committee report: Favorable Finance SJ-21
   02/02/88  Senate Read second time SJ-25
   02/03/88  Senate Read third time and enrolled SJ-19
   02/18/88         Ratified R 338
   02/24/88         Signed By Governor
   02/24/88         Effective date 02/24/88
   02/24/88         Act No. 325
   03/08/88         Copies available

AN ACT TO AMEND SECTION 12-7-790, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO STATE INCOME TAX DEFERRALS ON FOREIGN TRADE RECEIPTS, SO AS TO DELETE A REFERENCE TO TAXABLE INCOME.

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

Reference deleted

SECTION 1. Section 12-7-790 of the 1976 Code is amended to read:

"Section 12-7-790. Payment of the tax otherwise due pursuant to this chapter on income attributable to the increase in gross income from foreign trading receipts may be deferred until the taxpayer intentionally ceases exporting property or after three taxable years in which the taxpayer has no gross income from foreign trading receipts, whichever occurs first, if:

(A) the base amount defined in item (C) of Section 12-7-780 does not exceed five million dollars, and

(B) the taxpayer pays interest annually on the aggregate deferred tax at the base period T-bill rate. The interest is due on the date the taxpayer is required to file the annual return required by this chapter without regard to any extension, but no interest is due on amounts deferred for less than an entire taxable year."

Time effective

SECTION 2. This act takes effect upon approval by the Governor.