Scroll to History Page
Scroll to Previous Versions Links List
Scroll to Full Text
Download This Bill in Microsoft Word format

Bill 3663

                    Current Status

Bill Number:                      3663
Ratification Number:              250
Act Number:                       217
Type of Legislation:              General Bill GB
Introducing Body:                 House
Introduced Date:                  20010306
Primary Sponsor:                  Wilkins
All Sponsors:                     Wilkins, Bowers
Drafted Document Number:          l:\council\bills\gjk\20054htc01.doc
Date Bill Passed both Bodies:     20020403
Governor's Action:                S
Date of Governor's Action:        20020422
Subject:                          Estate Tax Act, order in which federal 
                                  estate tax credits applied provided


                        History

Body    Date      Action Description                     Com     Leg Involved
______  ________  ______________________________________ _______ ____________
------  20020514  Act No. A217
------  20020422  Signed by Governor
------  20020416  Ratified R250
Senate  20020403  Read third time, enrolled for
                  ratification
Senate  20020313  Read second time, ordered to
                  third reading with notice of
                  general amendments
Senate  20020312  Committee report: Favorable            06 SF
Senate  20010425  Introduced, read first time,           06 SF
                  referred to Committee
House   20010425  Read third time, sent to Senate
House   20010424  Read second time
------  20010423  Scrivener's error corrected
House   20010419  Committee report: Favorable            30 HWM
House   20010417  Co-Sponsor added (Rule 5.2) by Rep.            Bowers
House   20010306  Introduced, read first time,           30 HWM
                  referred to Committee


              Versions of This Bill
Revised on April 19, 2001 - Word format
Revised on April 23, 2001 - Word format
Revised on March 12, 2002-A - Word format

(A217, R250, H3663)

AN ACT TO AMEND SECTION 12-16-20, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO DEFINITIONS FOR PURPOSES OF THE SOUTH CAROLINA ESTATE TAX ACT, SO AS TO PROVIDE FOR THE ORDER IN WHICH FEDERAL ESTATE TAX CREDITS ARE APPLIED FOR PURPOSES OF DETERMINING A STATE ESTATE TAX LIABILITY.

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

Definition of federal credit

SECTION 1. Section 12-16-20(2) of the 1976 Code is amended to read:

"(2) 'Federal credit' means the maximum amount of the credit for state death taxes allowable by Internal Revenue Code Section 2011. The term 'maximum amount' must be construed so as to take full advantage of the credit as allowed by the Internal Revenue Code Section 2011, but (a) only after taking into account other federal estate tax credits permitted by the Internal Revenue Code and (b) not in excess of the amount necessary to reduce the federal estate tax to zero."

Time effective

SECTION 2. This act takes effect upon approval by the Governor and applies to the calculation of South Carolina estate taxes due on or after that date.

Ratified the 16th day of April, 2002.

Approved the 22nd day of April, 2002.

This web page was last updated on Tuesday, December 8, 2009 at 11:29 A.M.