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TO AMEND SECTION 27-32-170, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE EXEMPTION FROM THE STATE SALES OF THE PROCEEDS FROM THE SALE OR EXCHANGE OF A VACATION TIME SHARING PLAN, AND TO AMEND SECTION 12-36-2120, AS AMENDED, RELATING TO EXEMPTIONS FROM THE STATE SALES TAX, BOTH SO AS TO REQUIRE THAT THE SALE OR EXCHANGE OF THE VACATION TIME SHARING PLAN BE RECORDED IN THE PUBLIC RECORDS OF THE COUNTY IN WHICH THE SUBJECT PROPERTY IS SITUATE FOR THE EXEMPTION TO APPLY.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 27-32-170 of the 1976 Code, as last amended by Act 419 of 1998, is further amended to read:
"Section 27-32-170. The gross proceeds from the sale or resale of a vacation time sharing plan and the exchange of an interest in a vacation time sharing plan are exempt from sales tax imposed by Chapter 36 of Title 12 pursuant to the provisions of Section 12-36-2120 only if the sale or exchange is recorded in the public records of the county in which the subject property is situate."
SECTION 2. Section 12-36-2120(31) of the 1976 Code is amended to read:
"(31) vacation time sharing plans, and vacation multiple ownership interests, and exchanges of interests in vacation time sharing plans and vacation multiple ownership interests as provided by Chapter 32 of Title 27, and any other exchange of accommodations in which the accommodations to be exchanged are the primary consideration, only if the sale or exchange is recorded in the public records of the county in which the subject property is situate;"
SECTION 3. This act takes effect upon approval by the Governor and applies to subject sales and exchanges that occur after that date.
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