Current Status Bill Number:4048 Type of Legislation:General Bill GB Introducing Body:House Introduced Date:19950412 Primary Sponsor:Spearman All Sponsors:Spearman and Rogers Drafted Document Number:jic\5774htc.95 Residing Body:House Current Committee:Ways and Means Committee 30 HWM Subject:Tobacco products, bond requirements
Body Date Action Description Com Leg Involved ______ ________ _______________________________________ _______ ____________ House 19950412 Introduced, read first time, 30 HWM referred to CommitteeView additional legislative information at the LPITS web site.
TO AMEND SECTION 12-21-820, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO BUSINESS LICENSE TAXES ON TOBACCO PRODUCTS, SO AS TO DELETE BOND REQUIREMENTS FOR NONRESIDENTS.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 12-21-820 of the 1976 Code, as amended by Section 135, Act 181 of 1993, is further amended to read:
"Section 12-21-820. Notwithstanding any other provision of this article, the Department of Revenue and Taxation is hereby authorized to may sell business license stamps to any merchant, wholesale or retail, or manufacturer for his individual use where the person is located without this State. The person shall, as a prerequisite to the purchase of business license stamps, post a bond with the department which in its opinion is sufficient to protect the State with respect to any charges which may arise against the merchant or manufacturer. The merchant or manufacturer shall, as a prerequisite to the purchase of business license stamps, shall execute an agreement in such the form as the department may prescribe prescribes, to the effect that the merchant or manufacturer will shall at any time within the limitation otherwise provided by law, make available to agents or auditors of the department all pertinent records respecting taxable commodities stamped for sale within this State. The privilege of purchasing business license stamps extended by this section to nonresident taxpayers is granted only where the State of residence of the taxpayer grants substantially the same privileges to residents of this State purchasing stamps from the State or where the State imposes no tax of a similar character to that imposed by this article.
The bond provided for in this section shall be in cash to be held without interest, securities subject to the approval of the State Treasurer, or a surety bond issued by a surety company duly licensed by the Department of Insurance to do business in this State."
SECTION 2. This act takes effect upon approval by the Governor.