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Bill 247

                    Current Status

Bill Number:                      247
Type of Legislation:              General Bill GB
Introducing Body:                 Senate
Introduced Date:                  20010131
Primary Sponsor:                  McConnell
All Sponsors:                     McConnell and Branton
Drafted Document Number:          l:\s-res\gfm\026leas.whb.doc
Residing Body:                    Senate
Current Committee:                Finance Committee 06 SF
Subject:                          Motor vehicles, leased; sales and use tax 
                                  exemption for consumer when purchases vehicle, 
                                  when; Taxation


                        History

Body    Date      Action Description                     Com     Leg Involved
______  ________  ______________________________________ _______ ____________
Senate  20010131  Introduced, read first time,           06 SF
                  referred to Committee


              Versions of This Bill

TO AMEND SECTION 12-36-90, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO "GROSS PROCEEDS OF SALES" SO AS TO PROVIDE THAT THIS TERM DOES NOT INCLUDE A SALE OF A MOTOR VEHICLE TO THE LESSEE OF THAT VEHICLE IF CERTAIN CONDITIONS ARE MET, AND TO AMEND SECTION 12-36-130 OF THE 1976 CODE, RELATING TO "SALES PRICE" SO AS TO PROVIDE THAT THIS TERM DOES NOT INCLUDE A MOTOR VEHICLE SOLD TO A LESSEE DURING OR AT THE CONCLUSION OF A LEASE IF CERTAIN CONDITIONS ARE MET.

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

SECTION 1. Section 12-36-90(2) of the 1976 Code is amended by adding an appropriately lettered subitem at the end to read:

"( ) the sales price paid for a motor vehicle by the lessee during or at the conclusion of the lease term pursuant to an option-to-buy provision in a written lease signed by the lessee. This exclusion only applies if the lease term specifically stated a term, and remained in force, for a period in excess of ninety continuous days, the full three hundred dollars maximum sales or use tax due under Section 12-36-2110 has been paid with respect to the lease payments, and the purchaser is the lessee who originally signed the lease."

SECTION 2. Section 12-36-130(2) of the 1976 Code is amended to read:

"(2) The term does not include:

(a) a cash discount allowed and taken on the sale;

(b) an amount charged for property, which is returned by the purchaser, and the full amount is refunded in cash or by credit;

(c) the value allowed for secondhand property transferred to the vendor in partial payment; and

(d) the amount of any tax imposed by the United States with respect to retail sales, whether imposed upon the retailer or consumer, except for manufacturers or importers excise taxes; or

(e) the sales price paid for a motor vehicle by the lessee during or at the conclusion of the lease term pursuant to an option-to-buy provision in a written lease signed by the lessee. This exclusion only applies if the lease term specifically stated a term, and remained in force, for a period in excess of ninety continuous days, the full three hundred dollars maximum sales or use tax due under Section 12-36-2110 has been paid with respect to the lease payments, and the purchaser is the lessee who originally signed the lease."

SECTION 3. This act takes effect upon approval by the Governor.

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