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Indicates Matter Stricken
Indicates New Matter
A4, R10, S250
Sponsors: Senators Leatherman, Setzler and Alexander
Document Path: l:\council\bills\bbm\9578dg17.docx
Companion/Similar bill(s): 5162
Introduced in the Senate on January 12, 2017
Introduced in the House on February 1, 2017
Passed by the General Assembly on March 24, 2017
Governor's Action: April 5, 2017, Signed
Summary: Internal Revenue Code
HISTORY OF LEGISLATIVE ACTIONS
Date Body Action Description with journal page number ------------------------------------------------------------------------------- 1/12/2017 Senate Introduced and read first time (Senate Journal-page 1) 1/12/2017 Senate Referred to Committee on Finance (Senate Journal-page 1) 1/24/2017 Senate Committee report: Favorable Finance (Senate Journal-page 31) 1/26/2017 Senate Read second time (Senate Journal-page 14) 1/26/2017 Senate Roll call Ayes-41 Nays-0 (Senate Journal-page 14) 1/31/2017 Senate Read third time and sent to House (Senate Journal-page 30) 2/1/2017 House Introduced and read first time (House Journal-page 59) 2/1/2017 House Referred to Committee on Ways and Means (House Journal-page 59) 3/22/2017 House Committee report: Favorable Ways and Means (House Journal-page 41) 3/23/2017 House Read second time (House Journal-page 19) 3/23/2017 House Roll call Yeas-93 Nays-0 (House Journal-page 20) 3/23/2017 House Unanimous consent for third reading on next legislative day (House Journal-page 21) 3/24/2017 House Read third time and enrolled (House Journal-page 5) 4/4/2017 Ratified R 10 4/5/2017 Signed By Governor 4/13/2017 Effective date 4/5/17 4/17/2017 Act No. 4
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VERSIONS OF THIS BILL
(A4, R10, S250)
AN ACT TO AMEND SECTION 12-6-40, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE APPLICATION OF THE INTERNAL REVENUE CODE TO STATE INCOME TAX LAWS, SO AS TO UPDATE THE REFERENCE TO THE INTERNAL REVENUE CODE TO THE YEAR 2016 AND TO PROVIDE THAT IF THE INTERNAL REVENUE CODE SECTIONS ADOPTED BY THIS STATE ARE EXTENDED, THEN THESE SECTIONS ALSO ARE EXTENDED FOR SOUTH CAROLINA INCOME TAX PURPOSES.
Be it enacted by the General Assembly of the State of South Carolina:
Internal Revenue Code conformity
SECTION 1. Section 12-6-40(A)(1)(a) and (c) of the 1976 Code, as last amended by Act 160 of 2016, is further amended to read:
"(a) Except as otherwise provided, 'Internal Revenue Code' means the Internal Revenue Code of 1986, as amended through December 31, 2016, and includes the effective date provisions contained in it.
(c) If Internal Revenue Code sections adopted by this State which expired or portions thereof expired on December 31, 2016, are extended, but otherwise not amended, by congressional enactment during 2017, these sections or portions thereof also are extended for South Carolina income tax purposes in the same manner that they are extended for federal income tax purposes."
SECTION 2. This act takes effect upon approval by the Governor.
Ratified the 4th day of April, 2017.
Approved the 5th day of April, 2017.
This web page was last updated on March 20, 2018 at 5:34 PM