H*3583(Rat #0143, Act #0126 of 2012)  General Bill, By Cooper

Similar(S 522)
 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 2011 AND TO PROVIDE THAT ANY INTERNAL REVENUE CODE SECTIONS ADOPTED BY
 THE STATE THAT EXPIRED ON DECEMBER 31, 2011, OR JANUARY 1, 2012, THAT ARE
 EXTENDED BY THE FEDERAL GOVERNMENT IN 2012 ARE ALSO EXTENDED FOR SOUTH
 CAROLINA INCOME TAX PURPOSES; AND TO AMEND SECTION 12-6-50, RELATING TO
 INTERNAL REVENUE CODE SECTIONS SPECIFICALLY NOT ADOPTED BY THIS STATE, SO AS
 TO MAKE CERTAIN ADDITIONS. - ratified title

   02/03/11  House  Introduced, read first time, placed on calendar
                     without reference (House Journal-page 5)
   02/08/11  House  Read second time (House Journal-page 64)
   02/09/11  House  Read third time and sent to Senate
                     (House Journal-page 22)
   02/09/11  Senate Introduced and read first time (Senate Journal-page 10)
   02/09/11  Senate Referred to Committee on Finance
                     (Senate Journal-page 10)
   02/23/11  Senate Committee report: Favorable Finance
                     (Senate Journal-page 31)
   01/11/12  Senate Recommitted to Committee on Finance
                     (Senate Journal-page 18)
   01/25/12  Senate Committee report: Favorable with amendment
                     Finance (Senate Journal-page 7)
   01/26/12         Scrivener's error corrected
   02/07/12  Senate Committee Amendment Adopted (Senate Journal-page 23)
   02/07/12  Senate Read second time (Senate Journal-page 23)
   02/07/12  Senate Roll call Ayes-40  Nays-0 (Senate Journal-page 23)
   02/08/12         Scrivener's error corrected
   02/08/12  Senate Read third time and returned to House with
                     amendments (Senate Journal-page 14)
   02/22/12  House  Concurred in Senate amendment and enrolled
                     (House Journal-page 146)
   02/22/12  House  Roll call Yeas-102  Nays-0 (House Journal-page 146)
   03/07/12         Ratified R 143
   03/13/12         Signed By Governor
   03/15/12         Effective date 03/13/12
   03/15/12         Act No. 126

(A126, R143, H3583)

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 2011 AND TO PROVIDE THAT ANY INTERNAL REVENUE CODE SECTIONS ADOPTED BY THE STATE THAT EXPIRED ON DECEMBER 31, 2011, OR JANUARY 1, 2012, THAT ARE EXTENDED BY THE FEDERAL GOVERNMENT IN 2012 ARE ALSO EXTENDED FOR SOUTH CAROLINA INCOME TAX PURPOSES; AND TO AMEND SECTION 12-6-50, RELATING TO INTERNAL REVENUE CODE SECTIONS SPECIFICALLY NOT ADOPTED BY THIS STATE, SO AS TO MAKE CERTAIN ADDITIONS.

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

Internal Revenue Code conformity

SECTION    1.    Section 12-6-40(A)(1)(a) of the 1976 Code, as last amended by Act 5 of 2011, is further amended to read:

"(a)    Except as otherwise provided, 'Internal Revenue Code' means the Internal Revenue Code of 1986, as amended through December 31, 2011, and includes the effective date provisions contained in it."

Internal Revenue Code extension

SECTION    2.    Section 12-6-40(A)(1) of the 1976 Code, as last amended by Act 5 of 2011, is further amended by adding an appropriately numbered subitem to read:

"( )    For Internal Revenue Code sections adopted by the State which expired or portions thereof expired on December 31, 2011, or January 1, 2012, in the event any of these expired sections or portions thereof are extended, but otherwise not amended, by the federal government during 2012, these sections or portions thereof also will be extended for South Carolina income tax purposes in the same manner that they are extended for federal income tax purposes."

Internal Revenue Code sections not adopted

SECTION    3.    Section 12-6-50(3) of the 1976 Code, and items (11) and (12) as last amended by Act 145 of 2005, are further amended to read:

"(3)    Sections 55 through 59A relating to minimum taxes;

(11)    Sections 801 through 848 relating to taxation of insurance companies;

(12)    Sections 861 through 909, 912, 931 through 940, and 944 through 989 relating to the taxation of foreign income;"

Time effective

SECTION    4.    This act takes effect upon approval by the Governor.

Ratified the 7th day of March, 2012.

Approved the 13th day of March, 2012.