South Carolina General Assembly
115th Session, 2003-2004

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H. 3030

STATUS INFORMATION

General Bill
Sponsors: Rep. Davenport
Document Path: l:\council\bills\ggs\22665htc03.doc

Introduced in the House on January 14, 2003
Currently residing in the House Committee on Ways and Means

Summary: Income Tax Act, references to net operating loss carryback deleted/changed

HISTORY OF LEGISLATIVE ACTIONS 

     Date      Body   Action Description with journal page number
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   12/4/2002  House   Prefiled
   12/4/2002  House   Referred to Committee on Ways and Means
   1/14/2003  House   Introduced and read first time HJ-21
   1/14/2003  House   Referred to Committee on Ways and Means HJ-21

View the latest legislative information at the LPITS web site

VERSIONS OF THIS BILL

12/4/2002

(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

A 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, AS AMENDED, 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 2002.

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