Download This Bill in Microsoft Word format
Indicates Matter Stricken
Indicates New Matter
S. 572
STATUS INFORMATION
General Bill
Sponsors: Senator Martin
Document Path: l:\council\bills\nbd\11183dg21.docx
Companion/Similar bill(s): 3726
Introduced in the Senate on February 17, 2021
Currently residing in the Senate Committee on Finance
Summary: Gross proceeds of sales
HISTORY OF LEGISLATIVE ACTIONS
Date Body Action Description with journal page number ------------------------------------------------------------------------------- 2/17/2021 Senate Introduced and read first time (Senate Journal-page 10) 2/17/2021 Senate Referred to Committee on Finance (Senate Journal-page 10)
View the latest legislative information at the website
VERSIONS OF THIS 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.
This web page was last updated on
February 18, 2021 at 9:22 AM