Bill 3548

                    Current Status

Bill Number:                    3548
Ratification Number:            162
Act Number:                     83
Type of Legislation:            General Bill GB
Introducing Body:               House
Introduced Date:                19970227
Primary Sponsor:                Boan 
All Sponsors:                   Boan 
Drafted Document Number:        bbm\9133mm.97
Date Bill Passed both Bodies:   19970528
Date of Last Amendment:         19970522
Governor's Action:              S
Date of Governor's Action:      19970610
Subject:                        Income tax returns, filing of
                                quarterly by withholding agent, fourth
                                quarter return deadline; Taxation,
                                Sales and use

Body    Date      Action Description                       Com     Leg Involved
______  ________  _______________________________________  _______ ____________

------  19970630  Act No. A83
------  19970610  Signed by Governor
------  19970604  Ratified R162
House   19970528  Concurred in Senate amendment,
                  enrolled for ratification
Senate  19970523  Read third time, returned to House
                  with amendment
Senate  19970522  Amended, read second time,
                  unanimous consent for third reading
                  on Friday, 19970523
Senate  19970521  Committee report: Favorable              06 SF
Senate  19970501  Introduced, read first time,             06 SF
                  referred to Committee
House   19970430  Read third time, sent to Senate
House   19970429  Amended, read second time
House   19970417  Committee report: Favorable with         30 HWM
                  amendment
House   19970227  Introduced, read first time,             30 HWM
                  referred to Committee

(A83, R162, H3548)

AN ACT TO AMEND SECTION 12-8-1520, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO FILING OF RETURNS AND PAYMENT BY A WITHHOLDING AGENT, SO AS TO DELETE REFERENCE TO "MAKE A RETURN"; TO AMEND SECTION 12-8-1530, RELATING TO FILING OF QUARTERLY RETURNS BY A WITHHOLDING AGENT, SO AS TO PROVIDE A DEADLINE FOR FILING THE FOURTH QUARTER RETURN; TO AMEND SECTION 12-8-1550, RELATING TO FILING OF STATEMENTS BY A WITHHOLDING AGENT, SO AS TO PROVIDE THAT INFORMATION MUST BE FILED ON MAGNETIC MEDIA; AND TO AMEND SECTION 12-36-2120, AS AMENDED, RELATING TO SALES AND USE TAX EXEMPTIONS FOR MATERIAL HANDLING SYSTEMS AND EQUIPMENT USED IN A DISTRIBUTION OR MANUFACTURING FACILITY, SO AS TO REQUIRE AN INVESTMENT OF AT LEAST THIRTY-FIVE MILLION DOLLARS INSTEAD OF FORTY MILLION DOLLARS.

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

Deletes reference to making a return by withholding agent

SECTION 1. Section 12-8-1520(B) of the 1976 Code, as added by Act 76 of 1995, is amended to read:

"(B) A nonresident withholding agent and a resident withholding agent described in (A)(3) must remit South Carolina taxes withheld under this chapter as follows:

(1) on or before the fifteenth day of the month following the month in which the aggregate amount withheld is five hundred dollars or more; or

(2) on or before the last day of the month following the quarter in which funds were withheld if the aggregate amount withheld in a calendar quarter is less than five hundred dollars."

Provides a deadline for filing fourth quarter return

SECTION 2. Section 12-8-1530(A) of the 1976 Code, as added by Act 76 of 1995, is amended to read:

"(A) A withholding agent shall file a quarterly return in a form prescribed by the department indicating the total amount withheld pursuant to this chapter during the calendar quarter. The return must be filed even in quarters when no income tax has been withheld. The return must be filed on or before dates required for filing federal quarterly withholding returns specified in Internal Revenue Code Section 6071 and Internal Revenue Code Regulation Section 31.6071(a)(1), except the fourth quarter return. The fourth quarter return is due on or before the last day of February following the calendar year of the withholding."

Requires filing by magnetic media if required by IRS

SECTION 3. Section 12-8-1550 of the 1976 Code, as added by Act 76 of 1995, is amended to read:

"Section 12-8-1550. (A) On or before the last day of February following the calendar year of the withholding, the following items must be filed with the department:

(1) the original copy of the statement required by Section 12-8-1540;

(2) a recapitulation and reconciliation of taxes withheld and paid in the form the department prescribes.

(B) A withholding agent may request in writing an extension of time for filing the information required under this section for a time not to exceed thirty days.

(C) Where essentially the same information required to be submitted by Section 12-8-1540 is required to be submitted to the Internal Revenue Service on magnetic media, the same method must be used for purposes of this section."

Requires investment for sales and use tax exemption for distribution or manufacturing facility

SECTION 4. A. Section 12-36-2120(51) of the 1976 Code, as added by Act 462 of 1996, is amended to read:

"(51) Material handling systems and material handling equipment including, but not limited to, racks, whether or not the racks are used to support a facility structure or part thereof, used in the operation of a distribution facility or a manufacturing facility. In order to qualify for this exemption, the taxpayer shall notify the department before the first month it uses the exemption and shall invest at least thirty-five million dollars in any real or personal property in this State over the five-year period beginning on the date provided by the taxpayer to the department in its notices."

B. Notwithstanding any other effective date provided in this act, this section takes effect upon approval by the Governor.

Time effective

SECTION 5. This act takes effect upon approval by the Governor.

Approved the 10th day of June, 1997.