Current Status Bill Number:3732 Type of Legislation:General Bill GB Introducing Body:House Introduced Date:19970326 Primary Sponsor:Campsen All Sponsors:Campsen, Altman, Fleming, Sandifer, Easterday, Cotty, Cato, Barrett, Simrill, Woodrum, Young, Chellis, Robinson, Bowers, Bailey, Bauer, J. Smith, Klauber, Haskins, Harrison, Edge, Maddox, McMaster, Battle, Harrell, Jordan, Wilkes, Limehouse and Limbaugh Drafted Document Number:bbm\9274htc.97 Residing Body:House Current Committee:Ways and Means Committee 30 HWM Subject:Income tax, reference date updated to adopt certain provisions, corporate liquidations, Taxation
Body Date Action Description Com Leg Involved
______ ________ _______________________________________ _______ ____________
House 19970326 Introduced, read first time, 30 HWM
referred to Committee
View additional legislative information at the LPITS web site.
TO AMEND SECTION 12-6-40, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE REFERENCE DATE WHEREBY THIS STATE ADOPTS VARIOUS PROVISIONS OF THE INTERNAL REVENUE CODE AND OTHER MATTERS RELATING TO FEDERAL INCOME CONFORMITY, SO AS TO UPDATE THE REFERENCE DATE AND ALLOW A TAXPAYER TO ELECT A 1985 REFERENCE DATE WITH RESPECT TO CERTAIN CORPORATE LIQUIDATIONS.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 12-6-40(A) of the 1976 Code, as last amended by Act 410 of 1996, is further amended to read:
"(A) 'Internal Revenue Code' means the Internal Revenue Code of 1986 as amended through December 31, 1995 1996, and includes the effective date provisions of Section 162(1) thereof as amended by P.L. 104-7. However, with respect to Subpart B, Part II, Subchapter C of Chapter 1 thereof, relating to corporate liquidations, a taxpayer may elect with respect to that subpart that 'Internal Revenue Code' means the Internal Revenue Code of 1954, as amended through December 31, 1985."
SECTION 2. This act takes effect upon approval by the Governor. The optional reference date allowed pursuant to this act is applicable for taxable years beginning after 1996.