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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)
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VERSIONS OF THIS BILL
March 2, 2021
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.
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
That they have duly and carefully considered the same and recommend that the same do pass:
G. MURRELL SMITH, JR. for Committee.
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.
This web page was last updated on Tuesday, March 2, 2021 at 5:06 PM