S.C. Code Ann. § 12-8-560 – Partial or total exemptions of classes of transactions; exemption for portion of transaction not taxable in State; waiver of withholding if compliance guaranteed and certain items given to department

(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. (1) a bond secured by an insurance company licensed by the South Carolina Department of Insurance;
2. (2) a deposit of securities which have been approved by the State Treasurer; or
3. (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.