Current Status Introducing Body:Senate Bill Number:674 Ratification Number:497 Act Number:427 Primary Sponsor:Land Type of Legislation:GB Subject:Sales and use tax proceeds Date Bill Passed both Bodies:19940517 Computer Document Number:JIC/5737HC.93 Governor's Action:S Date of Governor's Action:19940527 Introduced Date:19930413 Date of Last Amendment:19940512 Last History Body:------ Last History Date:19940527 Last History Type:Act No. 427 Scope of Legislation:Statewide All Sponsors:Land Type of Legislation:General Bill
Bill Body Date Action Description CMN Leg Involved
---- ------ ------------ ------------------------------ --- ------------
674 ------ 19940527 Act No. 427
674 ------ 19940527 Signed by Governor
674 ------ 19940524 Ratified R 497
674 Senate 19940517 Concurred in House amendment,
enrolled for ratification
674 House 19940516 Read third time, returned to
Senate with amendment
674 House 19940512 Amended, read second time
674 House 19940512 Reconsidered vote whereby
read second time
674 House 19940511 Read second time
674 House 19940510 Debate adjourned until
Wednesday, 19940511
674 House 19940510 Amended
674 House 19940421 Committee Report: Favorable 30
674 House 19940126 Introduced, read first time, 30
referred to Committee
674 Senate 19940125 Read third time, sent to House
674 Senate 19940120 Read second time
674 Senate 19940119 Committee Report: Favorable 06
674 Senate 19930413 Introduced, read first time, 06
referred to Committee
View additional legislative information at the LPITS web site.
(A427, R497, S674)
AN ACT TO AMEND SECTION 12-36-90, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE DEFINITION OF GROSS PROCEEDS OF SALES FOR PURPOSES OF THE SALES AND USE TAX, SO AS TO PROVIDE THAT GROSS PROCEEDS DO NOT INCLUDE THAT PORTION OF A CHARGE SUBJECT TO AND USE TAX ATTRIBUTABLE TO THE COST SET BY STATUTE FOR A GOVERNMENTAL LICENSE OR PERMIT; TO AMEND SECTION 12-36-2120, AS AMENDED, RELATING TO SALES AND USE TAX EXEMPTIONS, SO AS TO EXEMPT GROSS PROCEEDS OF SALES OF SOLID WASTE DISPOSAL COLLECTION BAGS REQUIRED BY A POLITICAL SUBDIVISION'S SOLID WASTE DISPOSAL PLAN WHEN THE PLAN REQUIRES THE PURCHASE OF A SPECIFICALLY DESIGNATED CONTAINMENT BAG; TO AMEND SECTION 12-7-1250, AS AMENDED, RELATING TO THE CORPORATE INCOME TAX INFRASTRUCTURE CREDIT, SO AS TO PROVIDE THAT THE CREDIT APPLIES ANNUALLY AND UP TO THIRTY THOUSAND DOLLARS OF CREDIT MAY BE CARRIED FORWARD AND TO PROVIDE THAT THE CREDIT MAY BE CLAIMED ON A CONSOLIDATED BASIS ON A CONSOLIDATED CORPORATE INCOME TAX RETURN; AND TO AMEND SECTION 41-44-30, RELATING TO THE TAX CREDIT ALLOWED A QUALIFIED INVESTMENT FOR PURPOSES OF THE PALMETTO SEED CAPITAL FUND, SO AS TO PROVIDE THAT THE CREDIT MAY BE CLAIMED ON A CONSOLIDATED BASIS ON A CONSOLIDATED CORPORATE INCOME TAX RETURN.
Be it enacted by the General Assembly of the State of South Carolina:
Gross proceeds of sales
SECTION 1. Section 12-36-90(2) of the 1976 Code, as added by Act 612 of 1990, is amended by adding at the end:
"(f) that portion of a charge taxed under Section 12-36-910(B)(3) or 12-36-1310(B)(3) attributable to the cost set by statute for a governmental license or permit."
Containment bags exempt
SECTION 2. Section 12-36-2120 of the 1976 Code is amended by adding an appropriately numbered subsection to read:
"( ) solid waste disposal collection bags required pursuant to the solid waste disposal plan of a county or other political subdivision if the plan requires the purchase of a specifically designated containment bag for solid waste disposal;"
Infrastructure credit
SECTION 3. A. Section 12-7-1250(A) of the 1976 Code, as added by Act 488 of 1988, is further amended to read:
"(A) A corporate taxpayer is allowed as a credit against taxes due pursuant to Section 12-7-230 an amount equal to fifty percent, not to exceed ten thousand dollars annually, of expenses paid or accrued by the taxpayer in building or improving any one infrastructure project. Any unused credit, up to a total amount of thirty thousand dollars, may be carried forward three years."
B. Section 12-7-1250 of the 1976 Code, as last amended by Act 181 of 1993, is further amended by adding:
"(F) A corporation which files or is required to file a consolidated return is entitled to the income tax credit allowed by Section 12-7-1250(A) on a consolidated basis. The tax credit may be determined on a consolidated basis regardless of whether or not the corporation entitled to the credit contributed to the tax liability of the consolidated group.
(G) The merger, consolidation, or reorganization of a corporation where tax attributes survive does not create new eligibility in a succeeding corporation but unused credits may be transferred and continued by the succeeding corporation. In addition, a corporation may assign its rights to its unused credit to another corporation if it transfers all, or substantially all, of the assets of the corporation or all, or substantially all, of the assets of a trade or business or operating division of a corporation to another corporation."
C. This section is effective for taxable years beginning after 1987.
Seed capital credit
SECTION 4. A. Section 41-44-30 of the 1976 Code, as added by Act 643 of 1988, is amended by adding at the end:
"A corporation which files or is required to file a consolidated return is entitled to the income tax credit allowed by this section on a consolidated basis. The tax credit may be determined on a consolidated basis regardless of whether or not the corporation entitled to the credit contributed to the tax liability of the consolidated group.
The merger, consolidation, or reorganization of a corporation where tax attributes survive does not create new eligibility in a succeeding corporation but unused credits may be transferred and continued by the succeeding corporation. In addition, a corporation may assign its rights to its unused credit to another corporation if it transfers all, or substantially all, of the assets of the corporation or all, or substantially all, of the assets of a trade or business or operating division of a corporation to another corporation."
B. This section is effective for taxable years beginning after 1987.
Time effective
SECTION 5. This act takes effect upon approval by the Governor.
Approved the 27th day of May, 1994.