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Indicates Matter Stricken
Indicates New Matter
Indicates Matter Stricken
Indicates New Matter
COMMITTEE REPORT
April 15, 2010
H. 3768
S. Printed 4/15/10--H.
Read the first time March 25, 2009.
To whom was referred a Bill (H. 3768) to amend Section 4-10-25, as amended, Code of Laws of South Carolina, 1976, relating to the exemption of certain construction contracts from a local option, etc., respectfully
That they have duly and carefully considered the same and recommend that the same do pass:
DANIEL T. COOPER for Committee.
EXPLANATION OF IMPACT:
The South Carolina Department of Revenue reports there is no fiscal impact with the adoption of this bill.
LOCAL GOVERNMENT IMPACT:
The FIST network of local governments was surveyed to determine the impact of this bill. Respondents indicated that there is no fiscal impact with the adoption of this bill.
SPECIAL NOTES:
The Board of Economic Advisors is the appropriate entity to address any revenue impact associated with this bill.
Approved By:
Harry Bell
Office of State Budget
TO AMEND SECTION 4-10-25, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE EXEMPTION OF CERTAIN CONSTRUCTION CONTRACTS FROM A LOCAL OPTION SALES TAX FOR COUNTY OR MUNICIPAL OPERATIONS UNDER WHICH TANGIBLE PERSONAL PROPERTY IS TO BE DELIVERED AFTER THE IMPOSITION DATE OF THE TAX, SO AS TO REVISE THE TERMS AND CONDITIONS UNDER WHICH THESE CONSTRUCTION CONTRACTS ARE EXEMPT.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 4-10-25 of the 1976 Code, as last amended by Act 181 of 1993, is further amended to read:
"Section 4-10-25. The gross proceeds of sales of tangible personal property delivered after the imposition date of the tax levied under Section 4-10-20 in a county, either under the terms of a construction contract executed before the imposition date, or a written bid submitted before the imposition date, culminating in a construction contract entered into before or after the imposition date within six months of the written bid, are exempt from the local sales and use tax provided in Section 4-10-20 if a verified copy of the contract is filed with the South Carolina Department of Revenue within six months after the imposition of the local sales and use tax."
SECTION 2. This act takes effect upon approval by the Governor.
This web page was last updated on April 15, 2010 at 7:37 PM