Bill Text: SC H4328 | 2015-2016 | 121st General Assembly | Introduced
Bill Title: Quarterly Income Tax Withholdings
Spectrum: Partisan Bill (Republican 1-0)
Status: (Passed) 2016-05-02 - Act No. 160 [H4328 Detail]
Download: South_Carolina-2015-H4328-Introduced.html
A BILL
TO AMEND SECTION 12-8-1530, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE QUARTERLY INCOME TAX WITHHOLDINGS, SO AS TO CHANGE THE DUE DATE OF THE FOURTH QUARTER RETURN FROM THE LAST DAY OF FEBRUARY TO THE LAST DAY OF JANUARY; AND TO AMEND SECTION 12-8-1550, RELATING TO THE DUE DATE FOR FILING STATEMENTS REGARDING INCOME TAX WITHHOLDINGS WITH THE DEPARTMENT OF REVENUE, SO AS TO CHANGE THE DUE DATE FROM THE LAST DAY OF FEBRUARY TO THE LAST DAY OF JANUARY.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 12-8-1530(A) of the 1976 Code is amended to read:
"(A) A withholding agent shall file a quarterly return in a form prescribed by the department indicating the total amount withheld pursuant to this chapter during the calendar quarter. The return must be filed even in quarters when no income tax has been withheld. The return must be filed on or before dates required for filing federal quarterly withholding returns specified in Internal Revenue Code Section 6071 and Internal Revenue Code Regulation Section 31.6071(a)(1), except the fourth quarter return. The fourth quarter return is due on or before the last day of February January following the calendar year of the withholding."
SECTION 2. Section 12-8-1550(A) of the 1976 Code is amended to read:
"(A) On or before the last day of February January following the calendar year of the withholding, the following items must be filed with the department:
(1) the original copy of the statement required by Section 12-8-1540;
(2) a recapitulation and reconciliation of taxes withheld and paid in the form the department prescribes."
SECTION 3. This act takes effect upon approval by the Governor.
