H 4017 {Rat #56, Act #46 of 2023} General Bill, By Ballentine

Similar(H 4594, H 4595)
 AN ACT TO AMEND THE SOUTH CAROLINA CODE OF LAWS BY AMENDING SECTION 12-6-40,
 RELATING TO APPLICATION OF THE FEDERAL INTERNAL REVENUE CODE TO STATE TAX
 LAWS, SO AS TO UPDATE THE REFERENCE TO THE INTERNAL REVENUE CODE TO THE YEAR
 2022 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. - RATIFIED TITLE

   2/23/2023  House  Introduced and read first time (House Journal-page 12)
   2/23/2023  House  Referred to Committee on Ways and Means (House Journal-page 12)
   3/30/2023  House  Committee report: Favorable Ways and Means (House Journal-page 11)
   4/5/2023  House  Read second time (House Journal-page 131)
   4/5/2023  House  Roll call Yeas-113  Nays-0 (House Journal-page 131)
   4/6/2023  House  Read third time and sent to Senate (House Journal-page 27)
   4/6/2023  Senate Introduced and read first time (Senate Journal-page 40)
   4/6/2023  Senate Referred to Committee on Finance (Senate Journal-page 40)
   4/27/2023  Senate Committee report: Favorable Finance (Senate Journal-page 8)
   5/4/2023  Senate Read second time (Senate Journal-page 27)
   5/4/2023  Senate Roll call Ayes-39  Nays-0 (Senate Journal-page 27)
   5/9/2023  Senate Read third time and enrolled (Senate Journal-page 44)
   5/11/2023         Ratified R 56
   5/16/2023         Signed By Governor
   5/26/2023         Effective date 05/16/23
   5/26/2023         Act No. 46

(A46, R56, H4017)

AN ACT TO AMEND THE SOUTH CAROLINA CODE OF LAWS BY AMENDING SECTION 12-6-40, RELATING TO APPLICATION OF THE FEDERAL INTERNAL REVENUE CODE TO STATE TAX LAWS, SO AS TO UPDATE THE REFERENCE TO THE INTERNAL REVENUE CODE TO THE YEAR 2022 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.

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 S.C. Code is amended to read:

(a) Except as otherwise provided, "Internal Revenue Code" means the Internal Revenue Code of 1986, as amended through December 31, 2022, 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, 2022, are extended, but otherwise not amended, by congressional enactment during 2023, 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.

Time effective

SECTION 2.    This act takes effect upon approval by the Governor.

Ratified the 11th day of May, 2023.

Approved the 16th day of May, 2023.

This web page was last updated on June 14, 2023 at 4:13 PM