South Carolina General Assembly
112th Session, 1997-1998

Bill 848


Indicates Matter Stricken
Indicates New Matter


                    Current Status

Bill Number:                       848
Type of Legislation:               General Bill GB
Introducing Body:                  Senate
Introduced Date:                   19980114
Primary Sponsor:                   Passailaigue 
All Sponsors:                      Passailaigue, Reese, Alexander,
                                   Wilson, Mescher, Washington, Branton
                                   and Russell
Drafted Document Number:           res1508.elp
Residing Body:                     House
Current Committee:                 Ways and Means Committee 30
                                   HWM
Subject:                           Income tax, reference date
                                   updated whereby state adopts
                                   provisions of Internal Revenue Code
                                   of 1986; Taxation



History


Body    Date      Action Description                       Com     Leg Involved
______  ________  _______________________________________  _______ ____________

House   19980121  Introduced, read first time,             30 HWM
                  referred to Committee
Senate  19980121  Read third time, sent to House
Senate  19980120  Read second time, unanimous
                  consent for third reading on
                  Wednesday, 19980121
Senate  19980114  Introduced, read first time,
                  placed on Calendar without reference
Senate  19971117  Prefiled, referred to Committee          06 SF

View additional legislative information at the LPITS web site.


(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

Indicates Matter Stricken
Indicates New Matter

INTRODUCED

January 14, 1998

S. 848

Introduced by Senators Passailaigue, Reese, Alexander, Wilson, Mescher, Washington, Branton and Russell

S. Printed 1/14/98--S.

Read the first time January 14, 1998.

STATEMENT OF ESTIMATED FISCAL IMPACT

This bill will not cause an adjustment to the BEA's 11-10-97 revenue estimate for FY1998-99.

The Department of Revenue has advised the BEA that the bill will cause an estimated revenue reduction of $2.3 million in FY1998-99. The BEA included this revenue reduction in its 11-10-97 estimate of revenue for FY1998-99. No additional adjustment to that revenue estimate is required.

Approved By:

William C. Gillespie

Board of Economic Advisors

A BILL

TO AMEND SECTION 12-6-40, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO DEFINITIONS FOR PURPOSES OF THE STATE INCOME TAX, SO AS TO UPDATE THE REFERENCE DATE WHEREBY THIS STATE ADOPTS VARIOUS PROVISIONS OF THE INTERNAL REVENUE CODE OF 1986.

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 Section 10, Part II, Act 155 of 1997, is further amended to read:

"(A) 'Internal Revenue Code' means the Internal Revenue Code of 1986 as amended through December 31, 1996 1997, and includes the effective date provisions contained therein."

SECTION 2. This act is effective for taxable years beginning after 1997.

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