South Carolina General Assembly
119th Session, 2011-2012

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Indicates Matter Stricken
Indicates New Matter

R17, S533

STATUS INFORMATION

General Bill
Sponsors: Senators Coleman, Reese and Ford
Document Path: l:\council\bills\nbd\11206dg11.docx
Companion/Similar bill(s): 3695

Introduced in the Senate on February 9, 2011
Introduced in the House on March 29, 2011
Last Amended on March 10, 2011
Passed by the General Assembly on March 31, 2011
Governor's Action: April 12, 2011, Vetoed
Legislative veto action(s): Veto sustained

Summary: Sales and use tax exemptions

HISTORY OF LEGISLATIVE ACTIONS 

     Date      Body   Action Description with journal page number
-------------------------------------------------------------------------------
    2/9/2011  Senate  Introduced and read first time (Senate Journal-page 8)
    2/9/2011  Senate  Referred to Committee on Finance (Senate Journal-page 8)
   2/23/2011  Senate  Committee report: Favorable with amendment Finance 
                        (Senate Journal-page 28)
   3/10/2011  Senate  Committee Amendment Adopted (Senate Journal-page 7)
   3/10/2011  Senate  Read second time (Senate Journal-page 7)
   3/10/2011  Senate  Roll call Ayes-29  Nays-9 (Senate Journal-page 7)
   3/11/2011          Scrivener's error corrected
   3/23/2011  Senate  Read third time and sent to House (Senate Journal-page 6)
   3/23/2011  Senate  Roll call Ayes-30  Nays-10 (Senate Journal-page 6)
   3/29/2011  House   Introduced, read first time, placed on calendar without 
                        reference (House Journal-page 21)
   3/30/2011  House   Read second time (House Journal-page 37)
   3/31/2011  House   Read third time and enrolled (House Journal-page 22)
    4/6/2011          Ratified R 17
   4/12/2011          Vetoed by Governor
    5/5/2011  Senate  Veto sustained Ayes-0  Nays-35 (Senate Journal-page 19)

View the latest legislative information at the LPITS web site

VERSIONS OF THIS BILL

2/9/2011
2/23/2011
3/10/2011
3/11/2011
3/29/2011

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

NOTE: THIS COPY IS A TEMPORARY VERSION. THIS DOCUMENT WILL REMAIN IN THIS VERSION UNTIL PUBLISHED IN THE ADVANCE SHEETS TO THE ACTS AND JOINT RESOLUTIONS. WHEN THIS DOCUMENT IS PUBLISHED IN THE ADVANCE SHEET, THIS NOTE WILL BE REMOVED.

(R17, S533)

AN ACT TO AMEND SECTION 12-36-2120, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE REQUIREMENTS FOR A SALES TAX EXEMPTION OF CERTAIN ITEMS FOR CERTAIN FACILITIES RESEARCHING AND TESTING THE IMPACT OF NATURAL DISASTERS, SO AS TO PROVIDE THAT THE QUALIFYING INVESTMENT OF AT LEAST TWENTY MILLION DOLLARS MAY BEGIN AT ANY TIME PERIOD AFTER DECEMBER 31, 2008, AND ALL OR A PORTION MAY OCCUR BEFORE THE TAXPAYER NOTIFIES THE DEPARTMENT OF REVENUE OF ITS INTENTION.

Be it enacted by the General Assembly of the State of South Carolina:

Sales tax exemption

SECTION    1.    Section 12-36-2120(78) of the 1976 Code, as added by Act 280 of 2010, is amended to read:

"(78)    machinery and equipment, building and other raw materials, and electricity used in the operation of a facility owned by an organization which qualifies as a tax exempt organization pursuant to the Internal Revenue Code Section 501(c)(3) when the facility is principally used for researching and testing the impact of such natural hazards as wind, fire, water, earthquake, and hail on building materials used in residential, commercial, and agricultural buildings. To qualify for this exemption, the taxpayer shall notify the department of its intent to qualify and shall invest at least twenty million dollars in real or personal property at a single site in this State over the three-year period beginning on the date provided by the taxpayer to the department in its notices. The qualifying investment of at least twenty million dollars may begin at any time period after December 31, 2008, and all or a portion may occur before the taxpayer provides the notice. After the taxpayer notifies the department of its intent to qualify and use the exemption, the department shall issue an appropriate exemption certificate to the taxpayer to be used for qualifying purposes. Within six months of the third anniversary of the taxpayer's first use of the exemption, the taxpayer shall notify the department in writing that it has met the twenty million dollar investment requirement or, that it has not met the twenty million dollar investment requirement. The department may assess any tax due on the machinery and equipment purchased tax free pursuant to this item but due the State as a result of the taxpayer's failure to meet the twenty million dollar investment requirement. The running of the periods of limitations for assessment of taxes provided in Section 12-54-85 is suspended for the time period beginning with notice to the department before the taxpayer uses the exemption and ending with notice to the department that the taxpayer either has met or has not met the twenty million dollar investment requirement."

Time effective

SECTION    2.    This act takes effect upon approval by the Governor and applies to any qualifying facility placed in service and to any portion of the requisite capital investment made after December 31, 2008.

Ratified the 6th day of April, 2011.

__________________________________________

President of the Senate

___________________________________________

Speaker of the House of Representatives

Approved the ____________ day of _____________________2011.

___________________________________________

Governor

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