Current Status Bill Number:4885 Type of Legislation:Joint Resolution JR Introducing Body:House Introduced Date:19980325 Primary Sponsor:Walker All Sponsors:Walker Drafted Document Number:jic\5431htc.98 Residing Body:House Current Committee:Ways and Means Committee 30 HWM Subject:Income tax refunds, overpayment for 1986 tax year in sale of property, to file timely claim; Taxation
Body Date Action Description Com Leg Involved ______ ________ _______________________________________ _______ ____________ House 19980325 Introduced, read first time, 30 HWM referred to CommitteeView additional legislative information at the LPITS web site.
TO MAKE TIMELY A CLAIM FOR REFUND OF OVERPAYMENT OF SOUTH CAROLINA INDIVIDUAL INCOME TAX FOR THE 1986 TAXABLE YEAR WHEN THE OVERPAYMENT IS ATTRIBUTABLE TO INCLUSION ON THE TAXPAYER'S 1986 STATE INCOME TAX RETURN GAIN RECOGNIZED ON THE SALE OF REAL PROPERTY IN ANOTHER STATE.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Notwithstanding the provisions of Section 12-54-85(F) of the 1976 Code, a claim for refund for overpayment of South Carolina individual income tax reported on the 1986 South Carolina income tax return is considered timely when filed within forty-five days of the effective date of this joint resolution if:
(1) the overpayment is attributable to inclusion on the taxpayer's 1986 South Carolina individual income tax return gain recognized on the sale of real property in another state; and
(2) the gain was properly and timely reported for purposes of state income tax in the state in which the property was located.
SECTION 2. This joint resolution takes effect upon approval by the Governor.