South Carolina General Assembly
116th Session, 2005-2006

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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

View the latest legislative information at the LPITS web site

VERSIONS OF THIS BILL

3/15/2005
4/19/2005
5/17/2006
5/31/2006

(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

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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