H 3617 General Bill, By Ott

Similar(S 261)
 A BILL 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.

   02/26/13  House  Introduced, read first time, placed on calendar
                     without reference (House Journal-page 6)
   02/27/13  House  Committed to Committee on Ways and Means
                     (House Journal-page 56)

Indicates Matter Stricken

Indicates New Matter

INTRODUCED

February 26, 2013

H. 3617

S. Printed 2/26/13--H.

Read the first time February 26, 2013.

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.

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

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 December 31, 2011 January 2, 2013, and includes the effective date provisions contained in it."

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."

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