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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 AND USE TAX CONSTRUCTION MATERIALS PURCHASED AFTER 2007 AND BEFORE 2013, USED IN THE CONSTRUCTION IN THIS STATE OF A NEW OR EXPANDED SINGLE ETHANOL PRODUCTION FACILITY OR BIODIESEL PRODUCTION FACILITY, OR BOTH, TO PROVIDE THE INVESTMENT AMOUNT REQUIRED FOR THE EXEMPTION AND THE METHOD OF RECAPTURING TAXES IF THE INVESTMENT THRESHOLDS ARE NOT MET.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 12-36-2120 of the 1976 Code is amended by adding an appropriately numbered item at the end to read:
"( ) construction materials purchased after December 31, 2007, and before January 1, 2013, used in the construction of a new or expanded single ethanol facility or biodiesel facility, or both an ethanol or biodiesel facility as these facilities are defined in Section 12-6-3600(C)(1) and (2). The facility must have a capital investment of at least eight million dollars in real and personal property at a single site in this State over an eighteen-month period. The taxpayer-purchaser shall notify the Department of Revenue of the exemption and the department may assess the taxpayer-purchaser the taxes owing in the manner provided in Section 12-36-2120(51), mutatis mutandis if the investment thresholds are not met."
SECTION 2. This act takes effect upon approval by the Governor and applies for construction projects commenced after December 31, 2006.
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