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H. 3101

STATUS INFORMATION

General Bill
Sponsors: Reps. Scott and Clark
Document Path: l:\council\bills\bbm\9325zw03.doc

Introduced in the House on January 14, 2003
Currently residing in the House Committee on Ways and Means

Summary: Revenue Dept. to annually adjust $300 maximum tax on vehicles to conform with federal tax code brackets

HISTORY OF LEGISLATIVE ACTIONS

     Date      Body   Action Description with journal page number
-------------------------------------------------------------------------------
   12/4/2002  House   Prefiled
   12/4/2002  House   Referred to Committee on Ways and Means
   1/14/2003  House   Introduced and read first time HJ-44
   1/14/2003  House   Referred to Committee on Ways and Means HJ-44
   1/29/2003  House   Member(s) request name added as sponsor: Clark

View the latest legislative information at the LPITS web site

VERSIONS OF THIS BILL

12/4/2002

TO AMEND SECTION 12-36-2110, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE MAXIMUM TAX IMPOSED ON THE SALE OR LEASE OF CERTAIN ITEMS, SO AS TO REQUIRE THE DEPARTMENT OF REVENUE TO CUMULATIVELY ADJUST THE THREE HUNDRED DOLLAR MAXIMUM TAX IMPOSED ON THE SALE OR LEASE OF MOTOR VEHICLES AND MOTORCYCLES IN THE MANNER THAT BRACKETS ARE ADJUSTED IN INTERNAL REVENUE CODE SECTION (1)(F).

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

SECTION    1.    Section 12-36-2110(A) of the 1976 Code is amended to read:

"(A)    Except as provided by subsection (F), the maximum tax imposed by this chapter is three hundred dollars for each sale made after June 30, 1984, or lease executed after August 31, 1985, of each:

(1)    aircraft, including unassembled aircraft which is to be assembled by the purchaser, but not items to be added to the unassembled aircraft;

(2)    motor vehicle;

(3)    motorcycle;

(4)    boat;

(5)    trailer or semitrailer, pulled by a truck tractor, as defined in Section 56-3-20, and horse trailers but not including house trailers or campers as defined in Section 56-3-710;

(6)    recreational vehicle, including tent campers, travel trailer, park model, park trailer, motor home, and fifth wheel; or

(7)    self-propelled light construction equipment with compatible attachments limited to a maximum of one hundred sixty net engine horsepower.

In the case of a lease, the total tax rate required by law applies on each payment until the total tax paid equals three hundred dollars. Nothing in this section prohibits a taxpayer from paying the total tax due at the time of execution of the lease, or with any payment under the lease. To qualify for the tax limitation provided by this section, a lease must be in writing and specifically state the term of, and remain in force for, a period in excess of ninety continuous days."

SECTION    2.    Section 12-36-2110 of the 1976 Code is amended by adding:

"(F)    Each December fifteenth, the Department of Revenue shall adjust cumulatively the three hundred dollar maximum tax imposed by this section pursuant to subsections (A)(1) and (A)(2) upon the sale or lease of motor vehicles and motorcycles in the manner that brackets are adjusted in Internal Revenue Code Section (1)(f). This adjusted maximum tax applies to sales made and leases executed in the succeeding calendar year. The total maximum tax amount due is the amount due at the time of sale or execution. The rounding amount as provided in Internal Revenue Code Section (1)(f)(6) is ten dollars."

SECTION    3.    This act takes effect upon approval by the Governor and applies to sales made and leases executed after December 31, 2003.

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