H 3273 General Bill, By Kirsh, Elliott and D.E. McTeer
 A Bill to amend Section 12-7-20, as amended, Code of Laws of South Carolina,
 1976, relating to definitions for purposes of the State Income Tax, so as to
 update the reference date of this State's adoption of various provisions of
 the Internal Revenue Code of 1986.

   01/22/91  House  Introduced and read first time HJ-11
   01/22/91  House  Referred to Committee on Ways and Means HJ-11
   04/10/91  House  Committee report: Favorable Ways and Means HJ-27
   04/18/91  House  Read second time HJ-35
   04/23/91  House  Read third time and sent to Senate HJ-244
   04/24/91  Senate Introduced and read first time SJ-10
   04/24/91  Senate Referred to Committee on Finance SJ-10

COMMITTEE REPORT

April 10, 1991

H. 3273

Introduced by Reps. Kirsh, McTeer and D. Elliott

S. Printed 4/10/91--H.

Read the first time January 22, 1991.

To whom was referred a Bill (H. 3273), to amend Section 12-7-20, as amended, Code of Laws of South Carolina, 1976, relating to definitions for purposes of the state income tax, etc., respectfully

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

MARION P. CARNELL, for Committee.

House Bill 3273 amends Section 12-7-20, relating to definitions for purposes of the state income tax, so as to update the reference date of the state's adoption of various provisions of the Internal Revenue Code of 1986.

This bill would increase state revenue by approximately $3,900,000 in FY 1991-92. In addition, this bill would increase revenue by approximately $433,000 in FY 1992-93, by approximately $147,000 in FY 1993-94, and by approximately $143,207 in FY 1994-95.

Approved By:

S. Hunter Howard, Jr.

S.C. Tax Commission

A BILL

TO AMEND SECTION 12-7-20, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO DEFINITIONS FOR PURPOSES OF THE STATE INCOME TAX, SO AS TO UPDATE THE REFERENCE DATE OF THIS STATE'S ADOPTION OF VARIOUS PROVISIONS OF THE INTERNAL REVENUE CODE OF 1986.

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

SECTION 1. Section 12-7-20(11) of the 1976 Code, as last amended by Section 3A, Part II, Act 612 of 1990, is further amended to read:

"(11) 'Internal Revenue Code' means the Internal Revenue Code of 1986 as amended through December 31, 1989 1990."

SECTION 2. Upon approval by the Governor, this act is effective for taxable years beginning after 1990.