S*0953(Rat #0130, Act #0126 of 2014)  General Bill, By Leatherman, Setzler, 
O'Dell and Alexander
 AN ACT TO AMEND SECTION 12-6-40, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA,
 1976, RELATING TO THE APPLICATION OF THE INTERNAL REVENUE CODE TO STATE INCOME
 TAX LAWS, SO AS TO UPDATE THE REFERENCE TO THE INTERNAL REVENUE CODE TO THE
 YEAR 2013 AND TO PROVIDE THAT ANY INTERNAL REVENUE CODE SECTIONS ADOPTED BY
 THE STATE THAT EXPIRED ON DECEMBER 31, 2013, THAT ARE EXTENDED BY
 CONGRESSIONAL ENACTMENT IN 2014, ARE ALSO EXTENDED FOR SOUTH CAROLINA INCOME
 TAX PURPOSES. - ratified title

   01/21/14  Senate Introduced and read first time (Senate Journal-page 6)
   01/21/14  Senate Referred to Committee on Finance
                     (Senate Journal-page 6)
   02/05/14  Senate Committee report: Favorable Finance
                     (Senate Journal-page 28)
   02/06/14         Scrivener's error corrected
   02/18/14  Senate Read second time (Senate Journal-page 27)
   02/18/14  Senate Roll call Ayes-42  Nays-1 (Senate Journal-page 27)
   02/19/14  Senate Read third time and sent to House
                     (Senate Journal-page 27)
   02/20/14  House  Introduced, read first time, placed on calendar
                     without reference (House Journal-page 42)
   02/25/14  House  Read second time (House Journal-page 20)
   02/25/14  House  Roll call Yeas-85  Nays-0 (House Journal-page 20)
   02/26/14  House  Read third time and enrolled (House Journal-page 23)
   02/27/14         Ratified R 130
   03/04/14         Signed By Governor
   03/11/14         Effective date 03/04/14
   03/14/14         Act No. 126

(A126, R130, S953)

AN ACT TO AMEND SECTION 12-6-40, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE APPLICATION OF THE INTERNAL REVENUE CODE TO STATE INCOME TAX LAWS, SO AS TO UPDATE THE REFERENCE TO THE INTERNAL REVENUE CODE TO THE YEAR 2013 AND TO PROVIDE THAT ANY INTERNAL REVENUE CODE SECTIONS ADOPTED BY THE STATE THAT EXPIRED ON DECEMBER 31, 2013, THAT ARE EXTENDED BY CONGRESSIONAL ENACTMENT IN 2014, ARE ALSO EXTENDED FOR SOUTH CAROLINA INCOME TAX PURPOSES.

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

Internal Revenue Code conformity, extension

SECTION    1.    Section 12-6-40(A)(1) of the 1976 Code, as last amended by Act 10 of 2013, is further amended to read:

"(1)(a)    Except as otherwise provided, 'Internal Revenue Code' means the Internal Revenue Code of 1986, as amended through December 31, 2013, and includes the effective date provisions contained in it.

(b)    For purposes of Sections 63 and 179 of the Internal Revenue Code, the amendments made by Sections 103 and 202 of the Jobs and Growth Tax Relief Reconciliation Act of 2003, P.L. 108-27 (May 28, 2003) are effective only for taxable years beginning after December 31, 2003.

(c)    If Internal Revenue Code sections adopted by this State which expired or portions thereof expired on December 31, 2013, are extended, but otherwise not amended, by congressional enactment during 2014, 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."

Time effective

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

Ratified the 27th day of February, 2014.

Approved the 4th day of March, 2014.