H 4271 General Bill, By Erickson, Allison, Horne, Thayer, Henderson, Brady, Long and Funderburk
Summary: Sales and use tax
    A BILL TO AMEND SECTION 12-36-2120, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO SALES AND USE TAX EXEMPTIONS, SO AS TO DELETE EFFECTIVE JULY 1, 2012, EXEMPTIONS, FOR ALL SALES EXCEPT THOSE EXEMPT PURSUANT TO THE CONSTITUTION AND LAWS OF THIS STATE AND THE UNITED STATES, SALES OF UNPREPARED FOOD, SALES OF PRESCRIPTION DRUGS, SALES OF ELECTRICITY AND HEATING FUELS FOR RESIDENTIAL PURPOSES, AND SALES OF DURABLE MEDICAL EQUIPMENT; BY ADDING SECTION 12-36-915 SO AS TO REDUCE THE STATE SALES TAX RATE FROM SIX PERCENT TO 3.85 PERCENT, TO PROVIDE THAT THE SOUTH CAROLINA EDUCATION IMPROVEMENT ACT OF 1984 FUND AND THE HOMESTEAD EXEMPTION FUND MUST NOT RECEIVE LESS FUNDING THAN THEY RECEIVED IN FISCAL YEAR 2011-2012 AND MUST BE INCREASED EACH FISCAL YEAR BY THE PERCENTAGE INCREASE IN SALES TAX REVENUES; BY ADDING SECTION 12-36-925 SO AS TO REDUCE THE STATE ACCOMMODATIONS TAX FROM SEVEN PERCENT TO FOUR AND ONE-HALF PERCENT, TO PROVIDE THAT THE FUNDS CREDITED TO POLITICAL SUBDIVISIONS FOR TOURISM RELATED PURPOSES MUST NOT BE LESS THAN THE AMOUNT CREDITED IN FISCAL YEAR 2011-2012 AND MUST BE INCREASED EACH FISCAL YEAR BY THE PERCENTAGE INCREASE IN SALES TAX REVENUES; AND BY ADDING SECTION 4-10-15 SO AS TO PROVIDE THAT A LOCAL SALES AND USE TAX MUST BE REDUCED IN THE SAME PERCENTAGE AMOUNTS AS THE STATE SALES TAX RATE.
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05/25/11	House	Introduced and read first time (House Journal-page 6)
05/25/11	House	Referred to Committee on Ways and Means (House Journal-page 6)
07/26/11	House	Member(s) request name added as sponsor: Funderburk