S*0261(Rat #0014, Act #0010 of 2013)  General Bill, By Leatherman, Setzler, 
Ford and Campsen

Similar(H 3617)
 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
 JANUARY 2, 2013, AND TO DELETE AN INAPPLICABLE SUBITEM; AND TO AMEND SECTION
 12-6-50, AS AMENDED, RELATING TO PROVISIONS OF THE INTERNAL REVENUE CODE NOT
 ADOPTED BY THIS STATE, SO AS TO NOT ADOPT CERTAIN PROVISIONS RELATING TO THE
 REDUCTION ON ITEMIZED DEDUCTIONS AND THE REDUCTION ON THE PERSONAL EXEMPTION.
 - ratified title

   01/17/13  Senate Introduced and read first time (Senate Journal-page 7)
   01/17/13  Senate Referred to Committee on Finance
                     (Senate Journal-page 7)
   02/07/13  Senate Committee report: Favorable Finance
                     (Senate Journal-page 16)
   03/19/13  Senate Amended (Senate Journal-page 12)
   03/19/13  Senate Read second time (Senate Journal-page 12)
   03/19/13  Senate Roll call Ayes-36  Nays-0 (Senate Journal-page 12)
   03/19/13  Senate Unanimous consent for third reading on next
                     legislative day (Senate Journal-page 12)
   03/20/13  Senate Read third time and sent to House
                     (Senate Journal-page 18)
   03/20/13         Scrivener's error corrected
   03/20/13  House  Introduced, read first time, placed on calendar
                     without reference
   03/21/13  House  Read second time (House Journal-page 32)
   03/21/13  House  Roll call Yeas-100  Nays-0 (House Journal-page 32)
   03/21/13  House  Unanimous consent for third reading on next
                     legislative day (House Journal-page 33)
   03/22/13  House  Read third time and enrolled (House Journal-page 2)
   04/09/13         Ratified R 14
   04/09/13         Signed By Governor
   04/19/13         Effective date 04/09/13
   04/24/13         Act No. 10

(A10, R14, S261)

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 JANUARY 2, 2013, AND TO DELETE AN INAPPLICABLE SUBITEM; AND TO AMEND SECTION 12-6-50, AS AMENDED, RELATING TO PROVISIONS OF THE INTERNAL REVENUE CODE NOT ADOPTED BY THIS STATE, SO AS TO NOT ADOPT CERTAIN PROVISIONS RELATING TO THE REDUCTION ON ITEMIZED DEDUCTIONS AND THE REDUCTION ON THE PERSONAL EXEMPTION.

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 126 of 2012, is further amended to read:

"(a)    Except as otherwise provided, 'Internal Revenue Code' means the Internal Revenue Code of 1986, as amended through January 2, 2013, and includes the effective date provisions contained in it."

Deletion of Internal Revenue Code extension

SECTION    2.    Section 12-6-40(A)(1) of the 1976 Code, as last amended by Act 126 of 2012, is amended by deleting subitem (c) which reads:

"(c)    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.    A.        Section 12-6-50 of the 1976 Code, as last amended by Act 126 of 2012, is further amended by adding an appropriately numbered item to read:

"( )    Section 68 relating to the reduction on itemized deductions and Section 151(d)(3) relating to the reduction on the personal exemption for:

(a)    a joint return or surviving spouse with an adjusted gross income exceeding three hundred thousand dollars or the same adjusted gross income adjusted for inflation pursuant to Section 68, whichever is higher;

(b)    a head of household with an adjusted gross income exceeding two hundred seventy-five thousand dollars or the same adjusted gross income adjusted for inflation pursuant to Section 68, whichever is higher; and

(c)    an individual who is not married and who is not a surviving spouse or head of household with an adjusted gross income exceeding two hundred fifty thousand dollars or the same adjusted gross income adjusted for inflation pursuant to Section 68, whichever is higher."

B.        From existing funds, the Department of Revenue shall create and distribute the forms and worksheets necessary to aid taxpayers in utilizing the provisions of this SECTION.

Time effective

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

Ratified the 9th day of April, 2013.

Approved the 9th day of April, 2013.