(A) The department may partially or totally exempt classes of transactions from the provisions of Sections 12-8-530, 12-8-540, and 12-8-550, and may exempt the portion of any transaction which is not taxable in this State.
(B) Withholding required under Sections 12-8-540 and 12-8-550 may be waived by the department if the payee guarantees compliance with the provisions of Chapter 6 of this title and the requirements of a withholding agent under this chapter by furnishing the department with:
(1) a bond secured by an insurance company licensed by the South Carolina Department of Insurance;
(2) a deposit of securities which have been approved by the State Treasurer; or
(3) cash which does not bear interest.
The amount of the bond or deposit must be at least as much as the withholding otherwise required under Sections 12-8-540 and 12-8-550.
HISTORY: 1995 Act No. 76, Section 2.
Structure South Carolina Code of Laws
Chapter 8 - Income Tax Withholding
Section 12-8-510. Parties subject to withholding laws.
Section 12-8-520. Incomes subject to withholding and amounts to be withheld.
Section 12-8-1010. Withholding exemptions and exemption certificates.
Section 12-8-1020. Change in exemptions; decrease.
Section 12-8-1040. Waiver of withholding requirements.
Section 12-8-1060. Estimated quarterly payments by employer of withholding.
Section 12-8-1510. Inapplicability of article's provisions to withholding.
Section 12-8-1520. Withholding agents' duties to deposit and pay withholdings.
Section 12-8-1530. Quarterly returns; agent to continue to file reports until certain events occur.
Section 12-8-1540. Agents shall furnish statements to taxpayers and department; contents.
Section 12-8-2010. Liability of agent failing to withhold or pay tax.