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Bill 3289

Indicates Matter Stricken
Indicates New Matter

RECALLED

April 24, 2007

H. 3289

S. Printed 4/24/07--H.

Read the first time January 17, 2007.

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, LEGAL TENDER 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:

SECTION    1.    Section 12-36-2120 of the 1976 Code, as last amended by Act 386 of 2006, is further 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;

(b)    coins that are or have been legal tender in the United States or other jurisdiction; and

(c)    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."

SECTION    2.    This act takes effect July 1, 2007.

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