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TO AMEND SECTION 4-10-340, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE IMPOSITION AND TERMINATION OF THE CAPITAL PROJECTS SALES TAX, SO AS TO PROVIDE THAT FOR GOOD CAUSE SHOWN, THE DEPARTMENT OF REVENUE MAY WAIVE ITS TIMELY NOTICE REQUIREMENT FOR PURPOSES OF DETERMINING THE IMPOSITION DATE OF THE TAX.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 4-10-340(A) of the 1976 Code, as last amended by Act 334 of 2002, is further amended to read:
"(A) If the sales and use tax is approved in the referendum, the tax is imposed on the first of May following the date of the referendum. If the reimposition of an existing sales and use tax imposed pursuant to this article is approved in the referendum, the new tax is imposed immediately following the termination of the earlier imposed tax. If the certification is not timely made to the Department of Revenue, the imposition is postponed for twelve months. However, upon good cause shown, the department may waive the timeliness of the certification and allow the tax to be imposed without postponement."
SECTION 2. This act takes effect upon approval by the Governor and applies with respect to capital projects sales tax referenda held at the time of the 2002 general election and thereafter.
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