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TO AMEND SECTION 12-36-2110, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE THREE HUNDRED DOLLAR CAP ON THE AMOUNT OF SALES AND CASUAL EXCISE TAX DUE ON THE SALE, USE, OR REGISTRATION OF SPECIFIED ITEMS OF TANGIBLE PERSONAL PROPERTY, SO AS TO INCREASE THE MAXIMUM TAX FROM THREE HUNDRED DOLLARS TO SEVEN HUNDRED FIFTY DOLLARS EFFECTIVE ON THE SALE, LEASE, OR REGISTRATION OF A MOTOR VEHICLE OR MOTORCYCLE AFTER JUNE 30, 2015, AND TO PROVIDE THAT THE REVENUE OF SALES, USE, AND CASUAL EXCISE TAXES ATTRIBUTABLE TO THIS INCREASE MUST BE CREDITED TO THE STATE NON-FEDERAL AID HIGHWAY FUND.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 12-36-2110 of the 1976 Code is amended by adding a new subsection at the end to read:
"(F)(1) Notwithstanding the provisions of subsection (A), after June 30, 2015, the maximum tax imposed pursuant to this chapter on the sale, lease, or registration of a motor vehicle or motorcycle is increased from three hundred dollars to seven hundred fifty dollars, mutatis mutandis.
(2) Notwithstanding any other provision of law providing for the crediting of the revenues of state sales, use, and casual excise taxes, all revenues of such taxes attributable to the increase in the maximum tax provided pursuant to this subsection must be remitted to the State Treasurer and credited to the State Non-Federal Aid Highway Fund established pursuant to Section 57-11-20."
SECTION 2. This act takes effect July 1, 2015, and applies for sales made, leases executed, and registrations made after June 30, 2015.
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