S0835: Taxes

Legislative Summary

Amend The South Carolina Code Of Laws By Enacting The "comprehensive Tax Reform Act"; By Amending Sections 12-36-60, 12-36-70, 12-36-90, 12-36-110, And 12-36-130, All Relating To Definitions For Purposes Of The Sales Tax, So As To Include The Sales Of Services; By Adding Section 12-36-160 So As To Define "services"; By Amending Section 12-36-140, Relating To The Definition Of "storage", So As To Remove Cooperative Direct Mail Promotional Advertising Materials; By Amending Section 12-36-910, Relating To The Five Percent State Sales Tax Rate, So As To Reduce The Sales Tax Rate; By Adding Section 12-36-915 So As To Specify The Manner In Which To Calculate The Reduction In The Sales And Use Tax Rate; By Amending Section 12-36-920, Relating To The State Accommodations Tax, So As To Reduce The Rate; By Amending Section 12-36-940, Relating To Amounts That May Be Added To Sales Prices To Account For Tax, So As To Authorize The Department To Make Adjustments; By Repealing Article 11 Of Chapter 36, Title 12 Relating To The Additional One Percent Sales And Use Tax; By Amending Sections 12-36-1310 And 12-36-1320, Both Relating To The Use Tax, So As To Make A Conforming Change By Reducing The Rate; By Amending Section 12-36-1710, Relating To The Casual Excise Tax, So As To Make A Conforming Change By Reducing The Rate; By Amending Section 12-36-2110, Relating To Items Subject To A Maximum Sales Tax, So As To Remove Certain Items; By Amending Section 12-36-2120, Relating To Sales Tax Exemptions, So As To Remove The Exemption On Certain Items; By Amending Section 12-36-2530, Relating To Taxes On Items Delivered Out Of State, So As To Make A Conforming Change; By Amending Sections 12-36-2620, 12-36-2630, And 12-36-2640, All Relating To The Crediting Of Certain Taxes, So As To Credit Such Taxes In The Same Proportion As They Were Credited Before The Rate Reduction; By Repealing Section 12-36-2646 Relating To The Tax Exclusion For Individuals At Least Eighty-five Years Of Age; By Adding Section 11-11-270 So As To Create The "tax Reform Reserve Fund" And To Specify Its Purpose; By Adding Article 11 To Chapter 10, Title 4 So As To Proportionally Reduce Local Sales And Use Taxes In The Same Manner As The State Sales And Use Tax; By Adding Section 58-9-60 So As To Provide A Maximum Tax That May Be Imposed On Telecommunications Services; By Amending Section 6-1-320, Relating To The Limitation On Millage Increases, So As To Allow The Limitation To Be Exceeded Upon A Positive Majority Vote Of The Governing Body Of The Jurisdiction; By Amending Section 12-37-251, Relating To Millages, So As To Require A Reimbursement To The Trust Fund For Tax Relief For The First One Hundred Thousand Dollars Of Value On An Owner-occupied Residence; By Amending Section 11-11-150, Relating To Budgetary Reimbursements, So As To Make A Conforming Change; By Amending Section 12-37-220, Relating To Property Tax Exemptions, So As To Remove The School Operating Exemption On Owner-occupied Homes; And By Amending Section 12-6-510, Relating To The Personal Income Tax, So As To Reduce The Top Marginal Rate Based On Certain Revenue Collections.