South Carolina General Assembly
119th Session, 2011-2012

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A126, R143, H3583

STATUS INFORMATION

General Bill
Sponsors: Rep. Cooper
Document Path: l:\council\bills\nbd\11218dg11.docx
Companion/Similar bill(s): 522

Introduced in the House on February 3, 2011
Introduced in the Senate on February 9, 2011
Last Amended on February 7, 2012
Passed by the General Assembly on February 22, 2012
Governor's Action: March 13, 2012, Signed

Summary: Internal Revenue Code

HISTORY OF LEGISLATIVE ACTIONS

     Date      Body   Action Description with journal page number
-------------------------------------------------------------------------------
    2/3/2011  House   Introduced, read first time, placed on calendar without 
                        reference (House Journal-page 5)
    2/8/2011  House   Read second time (House Journal-page 64)
    2/9/2011  House   Read third time and sent to Senate 
                        (House Journal-page 22)
    2/9/2011  Senate  Introduced and read first time (Senate Journal-page 10)
    2/9/2011  Senate  Referred to Committee on Finance (Senate Journal-page 10)
   2/23/2011  Senate  Committee report: Favorable Finance 
                        (Senate Journal-page 31)
   1/11/2012  Senate  Recommitted to Committee on Finance 
                        (Senate Journal-page 18)
   1/25/2012  Senate  Committee report: Favorable with amendment Finance 
                        (Senate Journal-page 7)
   1/26/2012          Scrivener's error corrected
    2/7/2012  Senate  Committee Amendment Adopted (Senate Journal-page 23)
    2/7/2012  Senate  Read second time (Senate Journal-page 23)
    2/7/2012  Senate  Roll call Ayes-40  Nays-0 (Senate Journal-page 23)
    2/8/2012          Scrivener's error corrected
    2/8/2012  Senate  Read third time and returned to House with amendments 
                        (Senate Journal-page 14)
   2/22/2012  House   Concurred in Senate amendment and enrolled 
                        (House Journal-page 146)
   2/22/2012  House   Roll call Yeas-102  Nays-0 (House Journal-page 146)
    3/7/2012          Ratified R 143
   3/13/2012          Signed By Governor
   3/15/2012          Effective date 03/13/12
   3/15/2012          Act No. 126

View the latest legislative information at the LPITS web site

VERSIONS OF THIS BILL

2/3/2011
2/3/2011-A
2/23/2011
1/25/2012
1/26/2012
2/7/2012
2/8/2012


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

(A126, R143, H3583)

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 2011 AND TO PROVIDE THAT ANY INTERNAL REVENUE CODE SECTIONS ADOPTED BY THE STATE THAT EXPIRED ON DECEMBER 31, 2011, OR JANUARY 1, 2012, THAT ARE EXTENDED BY THE FEDERAL GOVERNMENT IN 2012 ARE ALSO EXTENDED FOR SOUTH CAROLINA INCOME TAX PURPOSES; AND TO AMEND SECTION 12-6-50, RELATING TO INTERNAL REVENUE CODE SECTIONS SPECIFICALLY NOT ADOPTED BY THIS STATE, SO AS TO MAKE CERTAIN ADDITIONS.

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) of the 1976 Code, as last amended by Act 5 of 2011, 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, 2011, and includes the effective date provisions contained in it."

Internal Revenue Code extension

SECTION    2.    Section 12-6-40(A)(1) of the 1976 Code, as last amended by Act 5 of 2011, is further amended by adding an appropriately numbered subitem to read:

"( )    For Internal Revenue Code sections adopted by the State which expired or portions thereof expired on December 31, 2011, or January 1, 2012, in the event any of these expired sections or portions thereof are extended, but otherwise not amended, by the federal government during 2012, these sections or portions thereof also will be extended for South Carolina income tax purposes in the same manner that they are extended for federal income tax purposes."

Internal Revenue Code sections not adopted

SECTION    3.    Section 12-6-50(3) of the 1976 Code, and items (11) and (12) as last amended by Act 145 of 2005, are further amended to read:

"(3)    Sections 55 through 59A relating to minimum taxes;

(11)    Sections 801 through 848 relating to taxation of insurance companies;

(12)    Sections 861 through 909, 912, 931 through 940, and 944 through 989 relating to the taxation of foreign income;"

Time effective

SECTION    4.    This act takes effect upon approval by the Governor.

Ratified the 7th day of March, 2012.

Approved the 13th day of March, 2012.

__________


This web page was last updated on Tuesday, December 10, 2013 at 10:19 A.M.