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
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 SFView additional legislative information at the LPITS web site.
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.
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
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.