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Bill 19

                    Current Status

Bill Number:                      19
Type of Legislation:              General Bill GB
Introducing Body:                 Senate
Introduced Date:                  19990112
Primary Sponsor:                  Leventis
All Sponsors:                     Leventis, Passailaigue, Elliott, Ryberg, 
                                  Wilson, Giese, Land, Setzler, Leatherman, 
                                  Peeler, Thomas, McGill, Courson, O'Dell, 
                                  Reese, Branton, Russell, McConnell, Martin, 
                                  Alexander, Holland, Fair, Ravenel, Gregory
Drafted Document Number:          l:\council\bills\dka\3058mm99.doc
Residing Body:                    Senate
Current Committee:                Finance Committee 06 SF
Subject:                          Sales and use tax credit on uncollectible 
                                  amounts, later payment date provided; Taxation


                        History

Body    Date      Action Description                     Com     Leg Involved
______  ________  ______________________________________ _______ ____________
Senate  19990112  Introduced, read first time,           06 SF
                  referred to Committee
Senate  19981118  Prefiled, referred to Committee        06 SF


                             Versions of This Bill

TO AMEND SECTION 12-36-90, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE DEFINITION OF "GROSS PROCEEDS OF SALES" FOR PURPOSES OF THE STATE SALES AND USE TAX, SO AS TO EXEMPT FROM THAT DEFINITION THE SALES PRICE ON SALES WHICH ARE UNCOLLECTIBLE, TO PROVIDE FOR CREDIT FOR TAXES PAID ON UNCOLLECTIBLE AMOUNTS, AND TO PROVIDE FOR LATER PAYMENT OF TAXES ON AMOUNTS SUBSEQUENTLY COLLECTED.

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

SECTION 1. Section 12-36-90(2) of the 1976 Code, as last amended by Act 431 of 1996, is further amended by adding an appropriately lettered item at the end to read:

"( ) the sales price of property on sales which are actually charged off as bad debts or uncollectible accounts for federal income tax purposes. A taxpayer who pays the tax on the unpaid balance of an account which has been found to be worthless and is actually charged off for federal income tax purposes may take credit for the tax paid on a return filed pursuant to this chapter, except that if an amount charged off is later paid in whole or in part to the taxpayer, the amount paid must be included in the first return filed after the collection and the tax paid."

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

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