Small Business Sales Tax Exemption
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Overview
This bill proposes to create a sales tax exemption for certain sales made by small businesses in South Carolina. Specifically, small businesses can choose one month each year to exempt sales made during that month from state sales tax. The exemption applies to sales made by businesses that meet the definition of a ‘small business’ as determined by the Small Business Administration and the North American Industry Classification System (NAICS).
Key provisions
- Creates a sales tax exemption for one month of the year.
- Small businesses can choose the month for their sales tax holiday.
- The exemption applies to sales made during the chosen month.
- Defines ‘small business’ using the Small Business Administration and NAICS definitions.
- Requires businesses to notify the Department of Revenue by October 1st of the previous year of their chosen month.
- Sales must be made at a small business located in South Carolina.
Who is affected
- Small businesses
- Customers of small businesses
- The South Carolina Department of Revenue
Notable changes
- Introduces a new exemption for sales made by small businesses.
Bill text
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