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Bill 3344

                    Current Status

Bill Number:                      3344
Type of Legislation:              General Bill GB
Introducing Body:                 House
Introduced Date:                  20010124
Primary Sponsor:                  Davenport
All Sponsors:                     Davenport
Drafted Document Number:          l:\council\bills\bbm\9836htc01.doc
Residing Body:                    House
Current Committee:                Ways and Means Committee 30 HWM
Subject:                          Income Tax Act, Internal Revenue Code; 
                                  net operating loss carryback reference deleted 
                                  for state tax purposes; Taxation


                        History

Body    Date      Action Description                     Com     Leg Involved
______  ________  ______________________________________ _______ ____________
House   20010124  Introduced, read first time,           30 HWM
                  referred to Committee


              Versions of This Bill

TO AMEND SECTION 12-6-50, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO PROVISIONS OF THE INTERNAL REVENUE CODE OF 1986 SPECIFICALLY NOT ADOPTED FOR PURPOSES OF THE SOUTH CAROLINA INCOME TAX ACT, SO AS TO DELETE REFERENCES TO THE NET OPERATING LOSS CARRYBACK AND TO AMEND SECTION 12-6-1130, RELATING TO THE COMPUTATION OF SOUTH CAROLINA TAXABLE INCOME FOR PURPOSES OF THE SOUTH CAROLINA INCOME TAX ACT, SO AS TO PROVIDE THAT THE CARRYBACK OF A NET OPERATING LOSS DEDUCTION FOR FEDERAL INCOME TAX PURPOSES ALSO IS ALLOWED FOR STATE INCOME TAX PURPOSES AND PROVIDE THAT THE FEDERAL ELECTION TO CARRY BACK A NET OPERATING LOSS IS NOT BINDING FOR SOUTH CAROLINA INCOME TAX PURPOSES.

Be it enacted by the General Assembly of the State of South Carolina:

SECTION    1.    Section 12-6-50(6) of the 1976 Code is amended to read:

    "(6)    Reserved Section 172(b)(1) relating to net operating loss carrybacks;"

SECTION    2.    Section 12-6-1130(4) of the 1976 Code, as added by Act 76 of 1995, is amended to read:

    "(4)    A net operating loss deduction is computed in accordance with the Internal Revenue Code except that:

        (a)    All items of income and deductions used in computing the net operating loss deduction are adjusted as provided in this article.

        (b)    No carrybacks are allowed. Reserved

        (c)    A federal election to carryback a net operating loss deduction does not affect the computation of this deduction is not binding for South Carolina income tax purposes.

        (d)    A net operating loss is subject to allocation and apportionment under Article 17 of this chapter in the year the loss is incurred."

SECTION    3.    Upon approval by the Governor, this act is effective for net operating losses incurred for taxable years beginning after 2000.

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