Bill Text: SC H4017 | 2023-2024 | 125th General Assembly | Introduced

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Internal Revenue Code conformity

Spectrum: Partisan Bill (Republican 1-0)

Status: (Passed) 2023-05-26 - Act No. 46 [H4017 Detail]

Download: South_Carolina-2023-H4017-Introduced.html

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South Carolina General Assembly
125th Session, 2023-2024

Bill 4017

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Indicates Matter Stricken
Indicates New Matter

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(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

A bill

TO AMEND THE SOUTH CAROLINA CODE OF LAWS BY AMENDING SECTION 12-6-40, RELATING TO APPLICATION OF FEDERAL INTERNAL REVENUE CODE TO STATE TAX LAWS, SO AS TO update the reference to THE INTERNAL REVENUE CODE TO THE YEAR 2022 AND TO PROVIDE THAT IF THE INTERNAL REVENUE CODE SECTIONS ADOPTED BY THIS STATE ARE EXTENDED, THEN THESE SECTIONS ALSO ARE EXTENDED FOR SOUTH CAROLINA INCOME TAX PURPOSES.

Be it enacted by the General Assembly of the State of South Carolina:

SECTION 1.   Section 12-6-40(A)(1)(a) and (c) of the S.C. Code is amended to read:

         (a) Except as otherwise provided, "Internal Revenue Code" means the Internal Revenue Code of 1986, as amended through December 31, 20212022, and includes the effective date provisions contained in it.

         (c) If Internal Revenue Code sections adopted by this State which expired or portions thereof expired on December 31, 20212022, are extended, but otherwise not amended, by congressional enactment during 20222023, these sections or portions thereof also are extended for South Carolina income tax purposes in the same manner that they are extended for federal income tax purposes.

SECTION 2.   This act takes effect upon approval by the Governor.

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This web page was last updated on February 23, 2023 at 10:57 AM