H 3732 General Bill, By Campsen, Altman, Bailey, Barrett, Battle, Bauer, Bowers, 
Cato, Chellis, Cotty, Easterday, Edge, Fleming, Harrell, Harrison, Haskins, 
B.L. Jordan, Klauber, L.H. Limbaugh, Limehouse, Maddox, J.D. McMaster, Robinson, 
Sandifer, Simrill, J. Smith, Wilkes, Woodrum and W.J. Young

Similar(H 4435)
 A BILL TO AMEND SECTION 12-6-40, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA,
 1976, RELATING TO THE REFERENCE DATE WHEREBY THIS STATE ADOPTS VARIOUS
 PROVISIONS OF THE INTERNAL REVENUE CODE AND OTHER MATTERS RELATING TO FEDERAL
 INCOME CONFORMITY, SO AS TO UPDATE THE REFERENCE DATE AND ALLOW A TAXPAYER TO
 ELECT A 1985-REFERENCE DATE WITH RESPECT TO CERTAIN CORPORATE LIQUIDATIONS.

   03/26/97  House  Introduced and read first time HJ-5
   03/26/97  House  Referred to Committee on Ways and Means HJ-5

TO AMEND SECTION 12-6-40, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE REFERENCE DATE WHEREBY THIS STATE ADOPTS VARIOUS PROVISIONS OF THE INTERNAL REVENUE CODE AND OTHER MATTERS RELATING TO FEDERAL INCOME CONFORMITY, SO AS TO UPDATE THE REFERENCE DATE AND ALLOW A TAXPAYER TO ELECT A 1985 REFERENCE DATE WITH RESPECT TO CERTAIN CORPORATE LIQUIDATIONS.

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

SECTION 1. Section 12-6-40(A) of the 1976 Code, as last amended by Act 410 of 1996, is further amended to read:

"(A) 'Internal Revenue Code' means the Internal Revenue Code of 1986 as amended through December 31, 1995 1996, and includes the effective date provisions of Section 162(1) thereof as amended by P.L. 104-7. However, with respect to Subpart B, Part II, Subchapter C of Chapter 1 thereof, relating to corporate liquidations, a taxpayer may elect with respect to that subpart that 'Internal Revenue Code' means the Internal Revenue Code of 1954, as amended through December 31, 1985."

SECTION 2. This act takes effect upon approval by the Governor. The optional reference date allowed pursuant to this act is applicable for taxable years beginning after 1996.