Download This Version in Microsoft Word format
TO AMEND SECTION 12-36-2120, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO SALES TAX EXEMPTIONS, SO AS TO EXEMPT TANGIBLE PERSONAL PROPERTY USED OR CONSUMED IN DEVELOPMENT, CONSTRUCTION, REHABILITATION, RENOVATION, REPAIR, OR OPERATION OF HOUSING FACILITIES FOR LOW AND MODERATE INCOME FAMILIES AND PERSONS AND TANGIBLE PERSONAL PROPERTY INCORPORATED IN SUCH HOUSING FACILITIES.
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 116 of 2007, is further amended by adding an appropriately numbered item at the end to read:
"( )(a) tangible personal property used or consumed in development, construction, rehabilitation, renovation, repair, or operation of housing facilities for low and moderate income families and persons and sales of and the storage, use or other consumption of tangible personal property acquired for incorporation into or used and consumed in the operation of housing facilities for low and moderate income families and persons;
(b) to be eligible for the exemption allowed pursuant to this item, the facilities must be constructed under the sponsorship of and owned or operated by housing authorities, as defined in Chapter 3 of Title 31. The housing authority sponsoring the construction of or owning or operating the housing facility shall obtain from the department a letter of determination that the housing facility has, to the satisfaction of the department, met all the requirements for exemption pursuant to this item. At the time of any sale or purchase that is exempt pursuant to this item, the purchaser shall present to the retailer a copy of the determination letter that was issued to the housing authority together with a certificate from the purchaser, in the form the department prescribes, certifying that the tangible personal property that is being purchased from the retailer is to be used or consumed exclusively for the purposes of incorporation into or in the development, construction, rehabilitation, renovation, repair, or operation of the housing facility identified in the letter of determination;
(c) as used in this item, 'housing facilities' include the residential portions of 'projects' as defined pursuant to Section 31-3-20(10) and 'low and moderate income' are as defined in Section 31-3-20(15) and (17)."
SECTION 2. This act takes effect July 1, 2008.
This web page was last updated on Monday, June 22, 2009 at 2:51 P.M.