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Current Status Bill Number:View additional legislative information at the LPITS web site.4482 Type of Legislation:Concurrent Resolution CR Introducing Body:House Introduced Date:20020110 Primary Sponsor:Chellis All Sponsors:Chellis Drafted Document Number:l:\council\bills\gjk\20851sd02.doc Residing Body:Senate Current Committee:Finance Committee 06 SF Subject:Corporate income tax payments, to permit conversion procedure regarding estimated future employee withholdings History Body Date Action Description Com Leg Involved ______ ________ ______________________________________ _______ ____________ Senate 20020110 Introduced, read first time, 06 SF referred to Committee House 20020110 Introduced, adopted, sent to Senate Versions of This Bill
TO INSTRUCT AND REQUEST THE DEPARTMENT OF REVENUE TO IMMEDIATELY PERMIT CORPORATE TAXPAYERS TO CONVERT PREVIOUS ESTIMATED STATE CORPORATE INCOME TAX PAYMENTS TO FUTURE STATE EMPLOYEE TAX WITHHOLDING OBLIGATIONS IN A MANNER COMPARABLE WITH SIMILAR CONVERSION PROCEDURES OF THE INTERNAL REVENUE SERVICE WITH REGARD TO FEDERAL OBLIGATIONS.
Whereas, it has come to the attention of the members of the General Assembly that the Internal Revenue Service recently, by letter, has permitted corporate taxpayers to convert federal corporate income tax estimated payments previously made, if such payments are in excess of the estimated liability, to the corporate taxpayer's future social security and employee income tax withholding obligations; and
Whereas, the Department of Revenue is charged by law with the administration of the South Carolina Tax Code and is given broad general, specific, and permissive powers to enforce and administer the tax laws of this State; and
Whereas, although the laws of this State do not expressly permit a comparable state conversion procedure, the State of South Carolina historically has followed most federal income tax provisions and procedures when administering our state's tax laws; and
Whereas, during this time of economic recession, it would greatly benefit the corporate taxpayers of our State if such a comparable state conversion procedure is permitted; and
Whereas, due to time constraints and the approaching deadlines in the month of January for these types of tax payments, sufficient time does not exist for the General Assembly to legislatively enact such a conversion procedure. However, the General Assembly believes that the Department of Revenue has the inherent authority under its general administrative power to follow the lead of the Internal Revenue Service and permit such a conversion procedure; and
Whereas, the members of the General Assembly, by this resolution, hereby instruct and request the Department of Revenue to immediately permit corporate taxpayers to convert previous estimated state corporate income tax payments to future state employee tax withholding obligations. Now, therefore,
Be it resolved by the House of Representatives, the Senate concurring:
That the General Assembly hereby instructs and requests the Department of Revenue to immediately permit corporate taxpayers to convert previous estimated state corporate income tax payments to future state employee tax withholding obligations in a manner comparable with similar conversion procedures of the Internal Revenue Service with regard to federal obligations.
Be it further resolved that a copy of this resolution be forwarded to the South Carolina Department of Revenue.
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