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R405, H3773
STATUS INFORMATION
General Bill
Sponsors: Reps. Vick, W.D. Smith, Littlejohn, Agnew, Ballentine, Haley, Lucas, Ott, Hardwick, Witherspoon, Cobb-Hunter and Anderson
Document Path: l:\council\bills\ggs\22012htc05.doc
Introduced in the House on March 15, 2005
Introduced in the Senate on May 11, 2005
Last Amended on May 31, 2006
Passed by the General Assembly on June 1, 2006
Governor's Action: June 13, 2006, Vetoed
Legislative veto action(s): Veto sustained
Summary: Gold, silver, and platinum, bullion, coins, and currency
HISTORY OF LEGISLATIVE ACTIONS
Date Body Action Description with journal page number ------------------------------------------------------------------------------- 3/15/2005 House Introduced and read first time HJ-104 3/15/2005 House Referred to Committee on Ways and Means HJ-105 4/19/2005 House Recalled from Committee on Ways and Means HJ-112 4/27/2005 House Requests for debate-Rep(s). Walker, Loftis, Hagood, GR Smith, Merrill, Hinson, Hosey, and Mahaffey HJ-28 4/27/2005 House Requests for debate removed-Rep(s). Hosey HJ-103 4/27/2005 House Requests for debate-Rep(s). Umphlett HJ-103 4/28/2005 House Member(s) request name added as sponsor: W.D.Smith, Littlejohn, Agnew, Ballentine, Haley, Lucas, Ott, Hardwick, Witherspoon, Cobb-Hunter, Anderson 5/10/2005 House Read second time HJ-22 5/10/2005 House Roll call Yeas-101 Nays-7 HJ-23 5/10/2005 House Motion noted- Reconsider vote whereby read second time HJ-27 5/11/2005 House Motion to reconsider tabled HJ-28 5/11/2005 House Read third time and sent to Senate HJ-29 5/11/2005 Senate Introduced and read first time SJ-13 5/11/2005 Senate Referred to Committee on Finance SJ-13 5/5/2006 Senate Referred to Subcommittee: O'Dell (ch), Peeler, Reese, Short, Fair, Verdin 5/17/2006 Senate Committee report: Favorable Finance SJ-9 5/31/2006 Senate Amended SJ-161 5/31/2006 Senate Read second time SJ-161 5/31/2006 Senate Unanimous consent for third reading on next legislative day SJ-161 6/1/2006 Senate Read third time and returned to House with amendments SJ-42 6/1/2006 House Concurred in Senate amendment and enrolled HJ-203 6/7/2006 Ratified R 405 6/13/2006 Vetoed by Governor 6/14/2006 House Veto overridden by originating body Yeas-70 Nays-26 HJ-129 6/14/2006 Senate Veto sustained Yeas-22 Nays-17 SJ-132 6/14/2006 Senate Reconsidered vote whereby veto was sustained SJ-133 6/14/2006 Senate Veto sustained Yeas-22 Nays-15 SJ-133
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VERSIONS OF THIS BILL
3/15/2005
4/19/2005
5/17/2006
5/31/2006
NOTE: THIS COPY IS A TEMPORARY VERSION. THIS DOCUMENT WILL REMAIN IN THIS VERSION UNTIL PUBLISHED IN THE ADVANCE SHEETS TO THE ACTS AND JOINT RESOLUTIONS. WHEN THIS DOCUMENT IS PUBLISHED IN THE ADVANCE SHEET, THIS NOTE WILL BE REMOVED.
(R405, H3773)
AN ACT TO AMEND SECTION 12-36-2120, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO SALES TAX EXEMPTIONS, SO AS TO EXEMPT FROM SALES TAX THE GROSS PROCEEDS OF SALES OR SALES PRICE OF GOLD, SILVER, AND PLATINUM BULLION, AND COINS AND CURRENCY AND TO REQUIRE THE RETAILER TO MAINTAIN PROPER DOCUMENTATION AS REQUIRED BY THE SOUTH CAROLINA DEPARTMENT OF REVENUE FOR EACH EXEMPT SALE.
Be it enacted by the General Assembly of the State of South Carolina:
Sales tax exemptions
SECTION 1. Section 12-36-2120 of the 1976 Code is amended by adding an appropriately numbered new item at the end to read:
"( )(a) gold, silver, or platinum bullion, or any combination of this bullion; and
(b) coins or currency, or a combination of coins and currency.
The department shall prescribe documentation that must be maintained by retailers claiming the exemption allowed by this item. This documentation must be sufficient to identify each individual sale for which the exemption is claimed."
Time effective
SECTION 2. This act takes effect July 1, 2006.
Ratified the 7th day of June, 2006.
__________________________________________
President of the Senate
___________________________________________
Speaker of the House of Representatives
Approved the ____________ day of _____________________2006.
___________________________________________
Governor
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