South Carolina General Assembly
116th Session, 2005-2006
R405, H3773
STATUS INFORMATION
General Bill
Sponsors: Reps. Vick, W.D.Smith, Littlejohn, Agnew, Ballentine, Haley, Lucas, Ott, Hardwick, Witherspoon, CobbHunter 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
DateBodyAction Description with journal page number
3/15/2005HouseIntroduced and read first time HJ104
3/15/2005HouseReferred to Committee on Ways and MeansHJ105
4/19/2005HouseRecalled from Committee on Ways and MeansHJ112
4/27/2005HouseRequests for debateRep(s).Walker, Loftis, Hagood, GR Smith, Merrill, Hinson, Hosey, and Mahaffey HJ28
4/27/2005HouseRequests for debate removedRep(s).Hosey HJ103
4/27/2005HouseRequests for debateRep(s).Umphlett HJ103
4/28/2005HouseMember(s) request name added as sponsor: W.D.Smith, Littlejohn, Agnew, Ballentine, Haley, Lucas, Ott, Hardwick, Witherspoon, CobbHunter, Anderson
5/10/2005HouseRead second time HJ22
5/10/2005HouseRoll call Yeas101 Nays7 HJ23
5/10/2005HouseMotion noted Reconsider vote whereby read second time HJ27
5/11/2005HouseMotion to reconsider tabled HJ28
5/11/2005HouseRead third time and sent to Senate HJ29
5/11/2005SenateIntroduced and read first time SJ13
5/11/2005SenateReferred to Committee on FinanceSJ13
5/5/2006SenateReferred to Subcommittee: O'Dell (ch), Peeler, Reese, Short, Fair, Verdin
5/17/2006SenateCommittee report: Favorable FinanceSJ9
5/31/2006SenateAmended SJ161
5/31/2006SenateRead second time SJ161
5/31/2006SenateUnanimous consent for third reading on next legislative day SJ161
6/1/2006SenateRead third time and returned to House with amendments SJ42
6/1/2006HouseConcurred in Senate amendment and enrolled HJ203
6/7/2006Ratified R 405
6/13/2006Vetoed by Governor
6/14/2006HouseVeto overridden by originating body Yeas70 Nays26 HJ129
6/14/2006SenateVeto sustained Yeas22 Nays17 SJ132
6/14/2006SenateReconsidered vote whereby veto was sustained SJ133
6/14/2006SenateVeto sustained Yeas22 Nays15 SJ133
VERSIONS OF THIS BILL
3/15/2005
4/19/2005
5/17/2006
5/31/2006
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 12362120, 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
SECTION1.Section 12362120 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
SECTION2.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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