South Carolina General Assembly
124th Session, 2021-2022

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H. 3726

STATUS INFORMATION

General Bill
Sponsors: Reps. West, G.M. Smith, W. Cox, M.M. Smith, Pope, Simrill, Elliott, B. Cox, W. Newton, Thayer, Gagnon, Herbkersman, White, Wheeler, Rutherford, Ballentine and Ott
Document Path: l:\council\bills\nbd\11153dg21.docx
Companion/Similar bill(s): 572

Introduced in the House on January 27, 2021
Currently residing in the House

Summary: Gross proceeds of sales

HISTORY OF LEGISLATIVE ACTIONS

     Date      Body   Action Description with journal page number
-------------------------------------------------------------------------------
   1/27/2021  House   Introduced and read first time (House Journal-page 13)
   1/27/2021  House   Referred to Committee on Ways and Means 
                        (House Journal-page 13)
    2/4/2021  House   Member(s) request name added as sponsor: Wheeler
    2/5/2021          Scrivener's error corrected
    2/9/2021  House   Member(s) request name added as sponsor: Rutherford
   2/11/2021  House   Member(s) request name added as sponsor: Ballentine, Ott
    3/2/2021  House   Committee report: Favorable Ways and Means 
                        (House Journal-page 6)

View the latest legislative information at the website

VERSIONS OF THIS BILL

1/27/2021
2/5/2021
3/2/2021

(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

COMMITTEE REPORT

March 2, 2021

H. 3726

Introduced by Reps. West, G.M. Smith, W. Cox, M.M. Smith, Pope, Simrill, Elliott, B. Cox, W. Newton, Thayer, Gagnon, Herbkersman, White, Wheeler, Rutherford, Ballentine and Ott

S. Printed 3/2/21--H.

Read the first time January 27, 2021.

            

THE COMMITTEE ON WAYS AND MEANS

To whom was referred a Bill (H. 3726) to amend Section 12-36-90, as amended, Code of Laws of South Carolina, 1976, relating to the definition of "gross proceeds of sales", etc., respectfully

REPORT:

That they have duly and carefully considered the same and recommend that the same do pass:

G. MURRELL SMITH, JR. for Committee.

            

A BILL

TO AMEND SECTION 12-36-90, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE DEFINITION OF "GROSS PROCEEDS OF SALES", SO AS TO EXCLUDE AMOUNTS RECEIVED FROM A BUYDOWN.

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:

"( ) amounts received from a buydown.     For purposes of this subitem, 'buydown' means an agreement between a retailer and a manufacturer or wholesaler in which the retailer receives a payment from the manufacturer or wholesaler that requires the retailer to reduce the sales price of the manufacturer's or wholesaler's product to the retail purchaser. This subitem does not apply to amounts received by a retailer from a retail sales transaction in which a retail purchaser uses a manufacturer's or wholesalers' coupon."

SECTION    2.    This act takes effect upon approval by the Governor.

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