S*401 Session 106 (1985-1986)
S*0401(Rat #0304, Act #0303 of 1986) General Bill, By J.M. Waddell, Leatherman,
I.E. Lourie and N.A. Theodore
Similar(H 2667)
A Bill to amend the Code of Laws of South Carolina, 1976, by adding Sections
12-37-975 and 12-37-980, so as to permit the filing of amended property tax
returns and to authorize the South Carolina Tax Commission to accept, for good
cause, tentative property tax returns based on one hundred percent estimated
value for merchants' inventories, machines, equipment, furniture, fixtures,
commercial boats, and manufacturers' real and personal property.
03/26/85 Senate Introduced and read first time SJ-1007
03/26/85 Senate Referred to Committee on Finance SJ-1007
04/04/85 Senate Committee report: Favorable with amendment
Finance SJ-1331
04/09/85 Senate Amended SJ-1411
04/09/85 Senate Read second time SJ-1411
04/09/85 Senate Ordered to third reading with notice of
amendments SJ-1411
04/10/85 Senate Read third time and sent to House SJ-1447
04/11/85 House Introduced and read first time HJ-2332
04/11/85 House Referred to Committee on Ways and Means HJ-2332
01/14/86 House Committee report: Favorable Ways and Means HJ-29
01/15/86 House Read second time HJ-124
01/15/86 House Unanimous consent for third reading on next
legislative day HJ-125
01/16/86 House Read third time and enrolled HJ-144
01/30/86 Ratified R 304
02/04/86 Signed By Governor
02/04/86 Effective date 02/04/86
02/04/86 Act No. 303
02/20/86 Copies available
(A303, R304, S401)
AN ACT TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTIONS
12-37-975 AND 12-37-980, SO AS TO PERMIT THE FILING OF AMENDED PROPERTY TAX
RETURNS AND TO AUTHORIZE THE SOUTH CAROLINA TAX COMMISSION TO ACCEPT, FOR GOOD
CAUSE, TENTATIVE PROPERTY TAX RETURNS BASED ON ONE HUNDRED PERCENT ESTIMATED
VALUE FOR MERCHANTS' INVENTORIES, MACHINES, EQUIPMENT, FURNITURE, FIXTURES,
COMMERCIAL BOATS, AND MANUFACTURERS' REAL AND PERSONAL PROPERTY.
Be it enacted by the General Assembly of the State of South Carolina:
Amended return
SECTION 1. Article 5, Chapter 37, of Title 12 of the 1976 Code is amended by
adding:
"Section 12-37-975. The Tax Commission may permit any person to
substitute an amended return for the original return up to the last day
prescribed for filing the return, including any extension of time granted by the
Commission. The Commission in its discretion may accept or reject an amended
return filed after the time prescribed for filing the return. An amended return
may not operate to start or extend the limitation period for assessment and
collection of taxes."
Extension
SECTION 2. Article 5, Chapter 37, of Title 12 of the 1976 Code is amended by
adding:
"Section 12-37-980. The Tax Commission may, for good cause, allow an
additional ninety days for the filing of returns required by Section 12-37-970.
A request for an extension to file may be granted only if the request is filed
with the Commission on or before the day the return is due. A tentative return
is required reflecting one hundred percent of the anticipated value of the
property required to be returned under Section 12-37-970 for the taxable period.
If the tentative return fails to reflect at least eighty percent of the actual
value of the property as required to be returned under Section 12-37-930, the Tax
Commission shall increase the assessed valuation by ten percent of the difference
between the amount returned on the tentative return and the amount returned on
the final return."
Time effective
SECTION 3. This act shall take effect upon approval by the Governor. |