South Carolina General Assembly
107th Session, 1987-1988

Bill 2828


                    Current Status

Bill Number:               2828
Ratification Number:       338
Act Number                 325
Introducing Body:          House
Subject:                   State income tax deferrals on foreign
                           trade receipts
View additional legislative information at the LPITS web site.


(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

(A325, R338, H2828)

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.