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A34, R67, H3289
Sponsors: Rep. Vick
Document Path: l:\council\bills\bbm\9678htc07.doc
Introduced in the House on January 17, 2007
Introduced in the Senate on April 26, 2007
Passed by the General Assembly on May 23, 2007
Governor's Action: June 1, 2007, Vetoed
Legislative veto action(s): Veto overridden
Summary: Sales and use tax exemptions
HISTORY OF LEGISLATIVE ACTIONS
Date Body Action Description with journal page number ------------------------------------------------------------------------------- 1/17/2007 House Introduced and read first time HJ-14 1/17/2007 House Referred to Committee on Ways and Means HJ-14 4/24/2007 House Recalled from Committee on Ways and Means HJ-122 4/25/2007 House Read second time HJ-34 4/26/2007 House Debate adjourned HJ-8 4/26/2007 House Read third time and sent to Senate HJ-16 4/26/2007 Senate Introduced and read first time SJ-5 4/26/2007 Senate Referred to Committee on Finance SJ-5 5/16/2007 Senate Committee report: Favorable Finance SJ-13 5/22/2007 Senate Read second time SJ-23 5/23/2007 Senate Read third time and enrolled SJ-68 5/29/2007 Ratified R 67 6/1/2007 Vetoed by Governor 6/5/2007 House Veto overridden by originating body Yeas-75 Nays-21 HJ-50 6/6/2007 Senate Veto sustained: Yeas-26 Nays-15 6/6/2007 Senate Reconsidered vote whereby veto was sustained 6/6/2007 Senate Veto overridden Yeas-36 Nays-5 6/13/2007 Copies available 6/13/2007 Effective date 07/01/07 6/15/2007 Act No. 34
View the latest legislative information at the LPITS web site
VERSIONS OF THIS BILL
(A34, R67, H3289)
AN ACT TO AMEND SECTION 12-36-2120, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO SALES TAX EXEMPTIONS, SO AS TO EXEMPT FROM SALES TAX THE GROSS PROCEEDS OF SALES OR SALES PRICE OF GOLD, SILVER, AND PLATINUM BULLION, LEGAL TENDER COINS, AND CURRENCY AND TO REQUIRE THE RETAILER TO MAINTAIN PROPER DOCUMENTATION AS REQUIRED BY THE SOUTH CAROLINA DEPARTMENT OF REVENUE FOR EACH EXEMPT SALE.
Be it enacted by the General Assembly of the State of South Carolina:
Sales tax exemption
SECTION 1. Section 12-36-2120 of the 1976 Code, as last amended by Act 386 of 2006, is further amended by adding an appropriately numbered new item at the end to read:
"( )(a) gold, silver, or platinum bullion, or any combination of this bullion;
(b) coins that are or have been legal tender in the United States or other jurisdiction; and
The department shall prescribe documentation that must be maintained by retailers claiming the exemption allowed by this item. This documentation must be sufficient to identify each individual sale for which the exemption is claimed."
SECTION 2. This act takes effect July 1, 2007.
Ratified the 29th day of May, 2007.
Vetoed by the Governor -- 6/1/07.
Veto overridden by House -- 6/5/07.
Veto overridden by Senate -- 6/6/07.
This web page was last updated on Wednesday, December 2, 2009 at 3:38 P.M.