South Carolina General Assembly
107th Session, 1987-1988

Bill 1292

                    Current Status

Bill Number:               1292
Ratification Number:       560
Act Number                 498
Introducing Body:          Senate
Subject:                   Real estate sale or exchange;
                           exclusion
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(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

(A498, R560, S1292)

AN ACT TO AMEND SECTION 12-7-430, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO ADJUSTMENTS TO SOUTH TAXABLE INCOME SO AS TO PROHIBIT AN EXCLUSION ATTRIBUTABLE TO A TAX FREE EXCHANGE OR SALE OF REAL ESTATE UNLESS THE REAL ESTATE IS LOCATED IN THIS STATE.

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

Real estate sale or exchange; exclusion

SECTION 1. Section 12-7-430(b) of the 1976 Code, as last amended by Act 170 of 1987, is further amended by adding:

"(5) No exclusion from gross income is permitted for South Carolina income tax purposes as permitted by Internal Revenue Code Section 1031 for the sale or exchange of real estate located in this State unless the real estate received in an exchange is located in this State."

Time effective

SECTION 2. This act takes effect on January 1, 1989.