H 5057 {Rat #227, Act #201 of 2022} General Bill, By Simrill, Pope, Erickson and 
W.Newton

Similar(H 4017)
 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 2021 AND TO PROVIDE THAT IF THE INTERNAL REVENUE CODE SECTIONS ADOPTED BY
 THIS STATE ARE EXTENDED, THEN THESE SECTIONS ALSO ARE EXTENDED FOR SOUTH
 CAROLINA INCOME TAX PURPOSES; AND TO PROVIDE THAT FOR TAX YEAR 2021, SOUTH
 CAROLINA ADOPTS CERTAIN FEDERAL EXCLUSIONS FROM GROSS INCOME. - ratified title

   03/01/22  House  Introduced and read first time (House Journal-page 25)
   03/01/22  House  Referred to Committee on Ways and Means
                     (House Journal-page 25)
   03/31/22  House  Committee report: Favorable with amendment Ways
                     and Means (House Journal-page 29)
   04/05/22  House  Member(s) request name added as sponsor: W.Newton
   04/05/22  House  Amended (House Journal-page 25)
   04/05/22  House  Read second time (House Journal-page 25)
   04/05/22  House  Roll call Yeas-113  Nays-0 (House Journal-page 26)
   04/06/22  House  Read third time and sent to Senate
                     (House Journal-page 9)
   04/06/22  Senate Introduced and read first time (Senate Journal-page 8)
   04/06/22  Senate Referred to Committee on Finance
                     (Senate Journal-page 8)
   05/03/22  Senate Committee report: Favorable Finance
                     (Senate Journal-page 9)
   05/04/22  Senate Read second time (Senate Journal-page 50)
   05/04/22  Senate Roll call Ayes-41  Nays-0 (Senate Journal-page 50)
   05/10/22  Senate Read third time and enrolled (Senate Journal-page 40)
   05/12/22         Ratified R  227
   05/16/22         Signed By Governor
   05/31/22         Effective date  05/16/22
   05/31/22         Act No.  201

(A201, R227, H5057)

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 2021 AND TO PROVIDE THAT IF THE INTERNAL REVENUE CODE SECTIONS ADOPTED BY THIS STATE ARE EXTENDED, THEN THESE SECTIONS ALSO ARE EXTENDED FOR SOUTH CAROLINA INCOME TAX PURPOSES; AND TO PROVIDE THAT FOR TAX YEAR 2021, SOUTH CAROLINA ADOPTS CERTAIN FEDERAL EXCLUSIONS FROM GROSS INCOME.

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) and (c) of the 1976 Code, as last amended by Act 87 of 2021, 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, 2021, and includes the effective date provisions contained in it.

(c)    If Internal Revenue Code sections adopted by this State which expired or portions thereof expired on December 31, 2021, are extended, but otherwise not amended, by congressional enactment during 2022, these sections or portions thereof also are extended for South Carolina income tax purposes in the same manner that they are extended for federal income tax purposes."

American Rescue Plan, exclusions from gross income

SECTION    2.    For tax year 2021, South Carolina adopts the federal exclusion from gross income for targeted Economic Injury Disaster Loan advances received from the Small Business Administration (SBA) and the federal exclusion from gross income for restaurant revitalization grant amounts received from the SBA as provided in Sections 9672 and 9673 of the American Rescue Plan Act.

Time effective

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

Ratified the 12th day of May, 2022.

Approved the 16th day of May, 2022.