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TO AMEND SECTIONS 12-36-90 AND 12-36-130, BOTH AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO DEFINITIONS OF "GROSS PROCEEDS OF SALES" AND "SALES PRICE" FOR PURPOSES OF THE SOUTH CAROLINA SALES TAX ACT, SO AS TO PROVIDE THAT THESE TERMS DO NOT EXTEND TO THE SALE OF A LEASED MOTOR VEHICLE PURSUANT TO AN OPTION TO BUY THE VEHICLE AND TO PROVIDE THE CIRCUMSTANCES UNDER WHICH THESE EXCLUSIONS APPLY.
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 89 of 2001, is further 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 sales or use tax due 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, as last amended by Act 89 of 2001 is further amended by adding an appropriately lettered subitem preceding the last paragraph 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 sales or use tax due has been paid with respect to the lease payments, and the purchaser is the lessee who originally signed the lease."
SECTION 3. This act is effective on the first day of the second month following the month during which the Governor approved this act.
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