Current Status Introducing Body:Senate Bill Number:663 Primary Sponsor:Land Committee Number:30 Type of Legislation:GB Subject:Tax payments of twenty thousand or more Residing Body:House Current Committee:Ways and Means Computer Document Number:JIC/5337.HC Introduced Date:Feb 14, 1991 Date of Last Amendment:Mar 07, 1991 Last History Body:House Last History Date:Jun 06, 1991 Last History Type:Recommitted to Committee Scope of Legislation:Statewide All Sponsors:Land Type of Legislation:General Bill
Bill Body Date Action Description CMN
---- ------ ------------ ------------------------------ ---
663 House Jun 06, 1991 Recommitted to Committee 30
663 House Jun 05, 1991 Debate adjourned until
Thursday, June 6
663 House May 30, 1991 Recalled from Committee 30
663 House Mar 14, 1991 Introduced, read first time, 30
referred to Committee
663 Senate Mar 13, 1991 Read third time, sent to House
663 Senate Mar 07, 1991 Amended, read second time
663 Senate Mar 06, 1991 Committee Report: Favorable 06
with amendment
663 Senate Feb 14, 1991 Introduced, read first time, 06
referred to Committee
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RECALLED
May 30, 1991
S. 663
S. Printed 5/30/91--H.
Read the first time March 14, 1991.
TO REPEAL 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 OF TWENTY THOUSAND DOLLARS OR MORE TO BE MADE BY ANY MEANS ESTABLISHED BY THE COMMISSION, WITH THE APPROVAL OF THE STATE TREASURER, THAT MAKES THE FUNDS IMMEDIATELY AVAILABLE TO THE STATE.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. (A) From July 1, 1991, through June 30, 1992, the provisions of Section 12-54-250 of the 1976 Code do not apply and the provisions of subsection (B) of this section apply.
(B) (1) 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. 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."
(2) The commission by rule may prescribe alternative periodic filing and payment dates later than the dates otherwise provided by law for any taxes collected by the commission in those instances where it is considered to be in the best interest of the State. An alternative date may not be later than the last day of the month in which the tax was otherwise due.
(3) The commission may prescribe rules and the State Treasurer banking procedures necessary for the administration of the provisions of this section.
(4) Payment by immediately available funds and filing of the return are considered simultaneous acts with respect to penalties and interest for failure to file and failure to pay. Penalties and interest must be calculated based on the later of the return postmark date or payment date.
(5) For the purposes of this section, immediately available funds include cash, certified check, money order, or wire transfers as established by the commission with the approval of the State Treasurer.
(6) Notwithstanding any other provisions of law, a taxpayer making payment by wire transfer shall make the transfer by the second banking day following the statutory due date. Payments made by cash, certified check, or money order must be made on or before the statutory due date and must be delivered by hand to the revenue processing office of the commission.
SECTION 2. This act takes effect upon approval by the Governor.