South Carolina General Assembly
114th Session, 2001-2002

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Bill 3663

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COMMITTEE REPORT

March 12, 2002

    H. 3663

Introduced by Reps. Wilkins and Bowers

S. Printed 3/12/02--S.

Read the first time April 25, 2001.

            

THE COMMITTEE ON FINANCE

    To whom was referred a Bill (H. 3663) 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, etc., respectfully

REPORT:

    That they have duly and carefully considered the same and recommend that the same do pass:

HUGH K. LEATHERMAN, JR. for Committee.

            

A BILL

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:

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."

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.

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