2018 South Carolina Code of Laws
Title 12 - Taxation
CHAPTER 21 - STAMP AND BUSINESS LICENSE TAX
Section 12-21-735. Payment of license tax on cigarettes by reporting method rather than by tax stamps.
Section effective until January 1, 2019. See, also, Section 12-21-735 effective January 1, 2019.
Each person or distributor of cigarettes taxable under this article, first receiving untaxed cigarettes for sale or distribution in this State, is subject to the tax imposed in Section 12-21-620. Each distributor required to pay the tax shall make a report to the department, in the form the department prescribes, of all cigarettes sold or disposed of in this State, and pay taxes due thereon not later than the twentieth day of the month next succeeding the month of the sale or disposition. However, any person or distributor making shipments of cigarettes to retail locations in and out of this State shall apply to the department for a license which enables them to purchase cigarettes free of tax, and report and pay tax as provided in this section on sales of cigarettes sold to locations in this State.
The department shall require bonds or statements of financial stability satisfactory to the department to cover possible losses resulting from failure to remit taxes due. When the return required by this section is timely filed and the taxes shown to be due are paid by the date specified in this section, the person or distributor may deduct three and one-half percent of the tax due.
(I) The department may promulgate regulations necessary to enforce this section.
HISTORY: 1995 Act No. 114, Section 1; 1996 Act No. 239, Section 3; 2016 Act No. 145 (H.4151), Section 1, eff March 14, 2016.
