H 3773(Rat #0405)  General Bill, By Vick, W.D. Smith, Littlejohn, Agnew, 
Ballentine, Haley, Lucas, Ott, Hardwick, Witherspoon, Cobb-Hunter and Anderson
 AN ACT TO AMEND SECTION 12-36-2120, AS AMENDED, CODE OF LAWS OF SOUTH
 CAROLINA, 1976, RELATING TO SALES TAX EXEMPTIONS, SO AS TO EXEMPT FROM SALES
 TAX THE GROSS PROCEEDS OF SALES OR SALES PRICE OF GOLD, SILVER, AND PLATINUM
 BULLION, AND COINS AND CURRENCY AND TO REQUIRE THE RETAILER TO MAINTAIN PROPER
 DOCUMENTATION AS REQUIRED BY THE SOUTH CAROLINA DEPARTMENT OF REVENUE FOR EACH
 EXEMPT SALE. - ratified title

   03/15/05  House  Introduced and read first time HJ-104
   03/15/05  House  Referred to Committee on Ways and Means HJ-105
   04/19/05  House  Recalled from Committee on Ways and Means HJ-112
   04/27/05  House  Requests for debate-Rep(s). Walker, Loftis,
                     Hagood, GR Smith, Merrill, Hinson, Hosey, and
                     Mahaffey HJ-28
   04/27/05  House  Requests for debate removed-Rep(s). Hosey HJ-103
   04/27/05  House  Requests for debate-Rep(s). Umphlett HJ-103
   04/28/05  House  Member(s) request name added as sponsor:
                     W.D.Smith, Littlejohn, Agnew, Ballentine, Haley,
                     Lucas, Ott, Hardwick, Witherspoon, Cobb-Hunter,
                     Anderson
   05/10/05  House  Read second time HJ-22
   05/10/05  House  Roll call Yeas-101  Nays-7 HJ-23
   05/10/05  House  Motion noted- Reconsider vote whereby read second
                     time HJ-27
   05/11/05  House  Motion to reconsider tabled HJ-28
   05/11/05  House  Read third time and sent to Senate HJ-29
   05/11/05  Senate Introduced and read first time SJ-13
   05/11/05  Senate Referred to Committee on Finance SJ-13
   05/05/06  Senate Referred to Subcommittee: O'Dell (ch), Peeler,
                     Reese, Short, Fair, Verdin
   05/17/06  Senate Committee report: Favorable Finance SJ-9
   05/31/06  Senate Amended SJ-161
   05/31/06  Senate Read second time SJ-161
   05/31/06  Senate Unanimous consent for third reading on next
                     legislative day SJ-161
   06/01/06  Senate Read third time and returned to House with
                     amendments SJ-42
   06/01/06  House  Concurred in Senate amendment and enrolled HJ-203
   06/07/06         Ratified R 405
   06/13/06         Vetoed by Governor
   06/14/06  House  Veto overridden by originating body Yeas-70 
                     Nays-26 HJ-129
   06/14/06  Senate Veto sustained Yeas-22  Nays-17 SJ-132
   06/14/06  Senate  Reconsidered vote whereby veto was sustained SJ-133
   06/14/06  Senate Veto sustained Yeas-22  Nays-15 SJ-133

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.

(R405, H3773)

AN ACT TO AMEND SECTION 12-36-2120, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO SALES TAX EXEMPTIONS, SO AS TO EXEMPT FROM SALES TAX THE GROSS PROCEEDS OF SALES OR SALES PRICE OF GOLD, SILVER, AND PLATINUM BULLION, AND COINS AND CURRENCY AND TO REQUIRE THE RETAILER TO MAINTAIN PROPER DOCUMENTATION AS REQUIRED BY THE SOUTH CAROLINA DEPARTMENT OF REVENUE FOR EACH EXEMPT SALE.

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

Sales tax exemptions

SECTION    1.    Section 12-36-2120 of the 1976 Code is amended by adding an appropriately numbered new item at the end to read:

"( )(a)    gold, silver, or platinum bullion, or any combination of this bullion; and

(b)    coins or currency, or a combination of coins and currency.

The department shall prescribe documentation that must be maintained by retailers claiming the exemption allowed by this item. This documentation must be sufficient to identify each individual sale for which the exemption is claimed."

Time effective

SECTION    2.    This act takes effect July 1, 2006.

Ratified the 7th day of June, 2006.

__________________________________________

President of the Senate

___________________________________________

Speaker of the House of Representatives

Approved the ____________ day of _____________________2006.

___________________________________________

Governor