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Bill 5006

                    Current Status

Bill Number:                      5006
Type of Legislation:              General Bill GB
Introducing Body:                 House
Introduced Date:                  20020403
Primary Sponsor:                  Coleman
All Sponsors:                     Coleman, Campsen, Chellis, Sheheen and 
                                  F.N. Smith
Drafted Document Number:          l:\council\bills\bbm\10986htc02.doc
Residing Body:                    House
Current Committee:                Ways and Means Committee 30 HWM
Subject:                          Federal Income Tax Reforming Act, 
                                  provisions adopted to conform to Internal 
                                  Revenue Code of 1986


                        History

Body    Date      Action Description                     Com     Leg Involved
______  ________  ______________________________________ _______ ____________
House   20020403  Introduced, read first time,           30 HWM
                  referred to Committee


              Versions of This Bill

TO ENACT THE SOUTH CAROLINA FEDERAL INCOME TAX CONFORMING ACT BY AMENDING SECTION 12-6-40, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO DEFINITIONS FOR PURPOSES OF THE SOUTH CAROLINA INCOME TAX ACT, SO AS TO UPDATE THE REFERENCE DATE AND PROVIDE THAT THE REFERENCE DATE WHEREBY THIS STATE ADOPTS VARIOUS PROVISIONS OF THE INTERNAL REVENUE CODE OF 1986 IS DEEMED TO HAVE BEEN UPDATED THROUGH DECEMBER 31 OF THE PRECEDING CALENDAR YEAR BY THE ENACTMENT OF THE ANNUAL GENERAL APPROPRIATIONS ACT UNLESS THE GENERAL ASSEMBLY PROVIDES OTHERWISE.

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

SECTION    1.    This act may be cited as the "South Carolina Federal Income Tax Conforming Act".

SECTION    2.    Section 12-6-40(A)(1) of the 1976 Code, as last amended by Act 89 of 2001, is further amended to read:

    "(1)(a)    'Internal Revenue Code' means the Internal Revenue Code of 1986 as amended through December 31, 2000 2001, and includes the effective date provisions contained in it.

            (b)    Effective beginning January 1, 2003, the enactment of the annual general appropriations act by the General Assembly is deemed to update the reference date provided in subitem (a) of this item (1) through December thirty-first of the preceding calendar year unless the General Assembly provides otherwise in some other enactment."

SECTION    3.    This act takes effect upon approval by the Governor.

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