Download This Bill in Microsoft Word format
Current Status Bill Number:View additional legislative information at the LPITS web site.144 Type of Legislation:General Bill GB Introducing Body:Senate Introduced Date:19990112 Primary Sponsor:Wilson All Sponsors:Wilson, Russell Drafted Document Number:l:\council\bills\kgh\15143htc99.doc Residing Body:Senate Current Committee:Finance Committee 06 SF Subject:Sales tax exemption for food purchased with Agriculture Department food coupons; Taxation History Body Date Action Description Com Leg Involved ______ ________ ______________________________________ _______ ____________ Senate 19990112 Introduced, read first time, 06 SF referred to Committee Senate 19981216 Prefiled, referred to Committee 06 SF Versions of This Bill
TO AMEND SECTION 12-36-2120, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, SO AS TO EXEMPT FROM THE SALES TAX FOOD ITEMS WHICH MAY BE PURCHASED WITH UNITED STATES DEPARTMENT OF AGRICULTURE FOOD COUPONS, TO PROVIDE THAT A CUMULATIVE THIRTY PERCENT OF ESTIMATED RECURRING GENERAL FUND REVENUE GROWTH FOR EACH YEAR, NOT TO EXCEED THE REQUIRED AMOUNT, IS DEEMED SALES TAX REVENUE FOR PURPOSES OF OFFSETTING THE REVENUE LOSS OF THE EXEMPTION, TO PHASE IN THE EXEMPTION OVER A NUMBER OF FISCAL YEARS UNTIL IT IS A ONE HUNDRED PERCENT PERMANENT EXEMPTION AND PROVIDE THE METHOD OF CALCULATION OF THE EXEMPTION PERCENTAGE AMOUNT FOR THE FISCAL YEARS BEFORE THE EXEMPTION BECOMES A COMPLETE EXEMPTION.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 12-36-2120 of the 1976 Code is amended by adding an appropriately numbered item at the end to read:
"( )(a) A percentage as determined in subitem (c) of this item of the gross proceeds of sales, or sales price of food items which may be purchased with United States Department of Agriculture food coupons, not including restaurant meals.
(b) A cumulative amount equal to thirty percent of estimated annual recurring general fund revenue growth for a fiscal year, not derived from the sales tax, is deemed state sales tax revenue, but this amount for any fiscal year must not exceed the revenue not collected, assuming food is completely exempt from the sales tax.
(c) The Director of the Department of Revenue shall calculate and prescribe a percentage of the gross proceeds of sales or sales price that is exempt from tax and this percentage exclusion applies to such sales during the applicable fiscal year. The percentage for any fiscal year is the proportion that the cumulative sums of the thirty percent of estimated revenue growth determined under subitem (b) is of the estimated sales tax revenues not collected for that fiscal year because of the exemption allowed by this item, assuming a total exemption. When this percentage first reaches one hundred percent, then for that and subsequent fiscal years, the exemption is complete and permanent.
(d) The exemption allowed by this item applies in the same percentage to all local option sales and use taxes collected by the State."
SECTION 2. This act takes effect upon approval by the Governor and applies to sales made after June 30, 1999.
This web page was last updated on Wednesday, December 9, 2009 at 9:04 A.M.