Current Status Introducing Body:Senate Bill Number:40 Primary Sponsor:Passailaigue Committee Number:06 Type of Legislation:JR Subject:Income tax refund procedures Residing Body:Senate Current Committee:Finance Computer Document Number:S.40 Introduced Date:19930112 Last History Body:Senate Last History Date:19930112 Last History Type:Introduced, read first time, referred to Committee Scope of Legislation:Statewide All Sponsors:Passailaigue Rose Type of Legislation:Joint Resolution
Bill Body Date Action Description CMN Leg Involved
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40 Senate 19930112 Introduced, read first time, 06
referred to Committee
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TO PROVIDE FOR THE MANNER IN WHICH A REFUND IS MADE PURSUANT TO A CLAIM RESULTING FROM THE DECISION OF THE UNITED STATES SUPREME COURT IN DAVIS V. MICHIGAN, AS THAT DECISION MAY APPLY TO THE INDIVIDUAL INCOME TAX LAWS OF THIS STATE.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. (A) Except as otherwise provided in this section, a taxpayer who is entitled to a refund pursuant to a claim resulting from the decision of the United States Supreme Court in Davis v. Michigan, as that decision may apply to the individual income tax laws of this State, shall receive the refund as a credit against South Carolina income tax liability for the taxable year in which the South Carolina Tax Commission orders the refund or against income tax liability for the next two successive taxable years. The taxpayer receiving the credit may elect the amounts in which the credit is to be applied over the three years.
(B) A refund must be issued to the estate of a deceased taxpayer and to a nonresident, who is entitled to a refund pursuant to this section.
(C) The provisions of this section apply notwithstanding the provisions of law relating to the payment of income tax refunds.
SECTION 2. This act takes effect upon approval by the Governor.