Current Status Introducing Body:Senate Bill Number:841 Primary Sponsor:Moore Committee Number:06 Type of Legislation:GB Subject:Sales tax exemption, certain research machinery Residing Body:Senate Current Committee:Finance Companion Bill Number:3773 Computer Document Number:CYY/18414.SD Introduced Date:Apr 03, 1991 Last History Body:Senate Last History Date:Apr 03, 1991 Last History Type:Introduced, read first time, referred to Committee Scope of Legislation:Statewide All Sponsors:Moore Type of Legislation:General Bill
Bill Body Date Action Description CMN
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841 Senate Apr 03, 1991 Introduced, read first time, 06
referred to Committee
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TO AMEND JOINT RESOLUTION 550 OF 1986, RELATING TO A MAXIMUM SALES TAX ON THE SALE OF MACHINERY FOR RESEARCH AND DEVELOPMENT FOR A PERIOD OF FIVE YEARS AND AN EXEMPTION FROM AD VALOREM TAXATION FOR A PERIOD OF FIVE YEARS OF CERTAIN FACILITIES ENGAGED IN RESEARCH AND DEVELOPMENT ACTIVITIES, SO AS TO MAKE THESE EXEMPTIONS PERMANENT RATHER THAN OF A FIVE-YEAR DURATION AND TO DESIGNATE SECTION 1 OF JOINT RESOLUTION 550 OF 1986 AS SECTION 12-36-2120(43), CODE OF LAWS OF SOUTH CAROLINA, 1976, AND TO DESIGNATE SECTION 2 OF JOINT RESOLUTION 550 OF 1986 AS SECTION 12-37-220 B.(34) OF THE 1976 CODE.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 1 of Joint Resolution 550 of 1986 is amended to read:
"Section 1. For the period beginning July 1, 1986, and ending June 30, 1991, the The maximum tax levied pursuant to Chapter 35 36 of Title 12 of the 1976 Code on the sale or use of each item of machinery for research and development is three hundred dollars. As used in this section, `machinery for research and development' means machinery used directly and exclusively in research and development in the experimental or laboratory sense for new products, new uses for existing products, or for improving existing products. To be eligible for the limitation imposed by this section, the machinery must be located in a separate facility devoted exclusively to research and development as defined in this section. The limitation does not extend to machinery used in connection with efficiency surveys, management studies, consumer surveys, economic surveys, advertising, promotion, or research in connection with literary, historical, or similar projects."
SECTION 2. Section 2 of Joint Resolution 550 of 1986 is amended to read:
"Section 2. The facilities of all new enterprises engaged in research and development activities located in any of the counties of this State during the period beginning July 1, 1986, and ending June 30, 1991, and all additions valued at fifty thousand dollars or more to existing facilities of enterprises engaged in research and development during the same period are exempt from ad valorem taxation in the same manner and to the same extent as the exemption allowed pursuant to item (7) of subsection A of Section 12-37-220 of the 1976 Code. For purposes of this section, facilities of enterprises engaged in research and development activities are facilities devoted directly and exclusively to research and development in the experimental or laboratory sense for new products, new uses for existing products, or for improving existing products. To be eligible for the exemption allowed by this section, the facility must be a separate facility devoted exclusively to research and development as defined in this section. The exemption does not include facilities used in connection with efficiency surveys, management studies, consumer surveys, economic surveys, advertising, promotion, or research in connection with literary, historical, or similar projects."
SECTION 3. (A) Section 1 of Joint Resolution 550 of 1986, as amended by this act, is designated as item (43) of Section 12-36-2120 of the 1976 Code on the effective date of this act.
(B) Section 2 of Joint Resolution 550 of 1986, as amended by this act, is designated as item (34) of subsection B. of Section 12-37-220 of the 1976 Code on the effective date of this act.
SECTION 4. This act takes effect upon approval by the Governor.