S*0397(Rat #0007, Act #0005 of 2015)  General Bill, By Leatherman, Setzler and 
O'Dell
 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 2014 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

   02/03/15  Senate Introduced and read first time (Senate Journal-page 8)
   02/03/15  Senate Referred to Committee on Finance
                     (Senate Journal-page 8)
   02/18/15  Senate Committee report: Favorable with amendment
                     Finance (Senate Journal-page 12)
   02/19/15  Senate Committee Amendment Adopted (Senate Journal-page 11)
   02/19/15  Senate Read second time (Senate Journal-page 11)
   02/19/15  Senate Roll call Ayes-42  Nays-1 (Senate Journal-page 11)
   02/24/15  Senate Read third time and sent to House
                     (Senate Journal-page 19)
   02/25/15  House  Introduced and read first time (House Journal-page 19)
   02/25/15  House  Referred to Committee on Ways and Means
                     (House Journal-page 19)
   03/04/15  House  Recalled from Committee on Ways and Means
                     (House Journal-page 65)
   03/05/15  House  Read second time (House Journal-page 46)
   03/05/15  House  Roll call Yeas-109  Nays-0 (House Journal-page 46)
   03/05/15  House  Unanimous consent for third reading on next
                     legislative day (House Journal-page 47)
   03/06/15  House  Read third time and enrolled (House Journal-page 3)
   03/25/15         Ratified R 7
   03/27/15         Signed By Governor
   04/02/15         Effective date 03/27/15
   04/09/15         Act No. 5

(A5, R7, S397)

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 2014 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 1976 Code, as last amended by Act 126 of 2014, 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, 2014, 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, 2014, are extended, but otherwise not amended, by congressional enactment during 2015, 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 25th day of March, 2015.

Approved the 27th day of March, 2015.