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A126, R130, S953

STATUS INFORMATION

General Bill
Sponsors: Senators Leatherman, Setzler, O'Dell and Alexander
Document Path: l:\council\bills\bh\26050dg14.docx

Introduced in the Senate on January 21, 2014
Introduced in the House on February 20, 2014
Passed by the General Assembly on February 26, 2014
Governor's Action: March 4, 2014, Signed

Summary: Internal Revenue Code

HISTORY OF LEGISLATIVE ACTIONS

     Date      Body   Action Description with journal page number
-------------------------------------------------------------------------------
   1/21/2014  Senate  Introduced and read first time (Senate Journal-page 6)
   1/21/2014  Senate  Referred to Committee on Finance (Senate Journal-page 6)
    2/5/2014  Senate  Committee report: Favorable Finance 
                        (Senate Journal-page 28)
    2/6/2014          Scrivener's error corrected
   2/18/2014  Senate  Read second time (Senate Journal-page 27)
   2/18/2014  Senate  Roll call Ayes-42  Nays-1 (Senate Journal-page 27)
   2/19/2014  Senate  Read third time and sent to House 
                        (Senate Journal-page 27)
   2/20/2014  House   Introduced, read first time, placed on calendar without 
                        reference (House Journal-page 42)
   2/25/2014  House   Read second time (House Journal-page 20)
   2/25/2014  House   Roll call Yeas-85  Nays-0 (House Journal-page 20)
   2/26/2014  House   Read third time and enrolled (House Journal-page 23)
   2/27/2014          Ratified R 130
    3/4/2014          Signed By Governor
   3/11/2014          Effective date 03/04/14
   3/14/2014          Act No. 126

View the latest legislative information at the website

VERSIONS OF THIS BILL

1/21/2014
2/5/2014
2/6/2014
2/20/2014

(A126, R130, S953)

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 2013 AND TO PROVIDE THAT ANY INTERNAL REVENUE CODE SECTIONS ADOPTED BY THE STATE THAT EXPIRED ON DECEMBER 31, 2013, THAT ARE EXTENDED BY CONGRESSIONAL ENACTMENT IN 2014, ARE ALSO EXTENDED FOR SOUTH CAROLINA INCOME TAX PURPOSES.

Be it enacted by the General Assembly of the State of South Carolina:

Internal Revenue Code conformity, extension

SECTION    1.    Section 12-6-40(A)(1) of the 1976 Code, as last amended by Act 10 of 2013, is further amended to read:

"(1)(a)    Except as otherwise provided, 'Internal Revenue Code' means the Internal Revenue Code of 1986, as amended through December 31, 2013, and includes the effective date provisions contained in it.

(b)    For purposes of Sections 63 and 179 of the Internal Revenue Code, the amendments made by Sections 103 and 202 of the Jobs and Growth Tax Relief Reconciliation Act of 2003, P.L. 108-27 (May 28, 2003) are effective only for taxable years beginning after December 31, 2003.

(c)    If Internal Revenue Code sections adopted by this State which expired or portions thereof expired on December 31, 2013, are extended, but otherwise not amended, by congressional enactment during 2014, 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."

Time effective

SECTION    2.    This act takes effect upon approval by the Governor.

Ratified the 27th day of February, 2014.

Approved the 4th day of March, 2014.

This web page was last updated on May 13, 2014 at 10:47 AM