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A5, R7, S397

STATUS INFORMATION

General Bill
Sponsors: Senators Leatherman, Setzler and O'Dell
Document Path: l:\council\bills\bbm\9130dg15.docx

Introduced in the Senate on February 3, 2015
Introduced in the House on February 25, 2015
Last Amended on February 19, 2015
Passed by the General Assembly on March 6, 2015
Governor's Action: March 27, 2015, Signed

Summary: State Income Tax Laws and Internal Revenue Code

HISTORY OF LEGISLATIVE ACTIONS

     Date      Body   Action Description with journal page number
-------------------------------------------------------------------------------
    2/3/2015  Senate  Introduced and read first time (Senate Journal-page 8)
    2/3/2015  Senate  Referred to Committee on Finance (Senate Journal-page 8)
   2/18/2015  Senate  Committee report: Favorable with amendment Finance 
                        (Senate Journal-page 12)
   2/19/2015  Senate  Committee Amendment Adopted (Senate Journal-page 11)
   2/19/2015  Senate  Read second time (Senate Journal-page 11)
   2/19/2015  Senate  Roll call Ayes-42  Nays-1 (Senate Journal-page 11)
   2/24/2015  Senate  Read third time and sent to House 
                        (Senate Journal-page 19)
   2/25/2015  House   Introduced and read first time (House Journal-page 19)
   2/25/2015  House   Referred to Committee on Ways and Means 
                        (House Journal-page 19)
    3/4/2015  House   Recalled from Committee on Ways and Means 
                        (House Journal-page 65)
    3/5/2015  House   Read second time (House Journal-page 46)
    3/5/2015  House   Roll call Yeas-109  Nays-0 (House Journal-page 46)
    3/5/2015  House   Unanimous consent for third reading on next legislative 
                        day (House Journal-page 47)
    3/6/2015  House   Read third time and enrolled (House Journal-page 3)
   3/25/2015          Ratified R 7
   3/27/2015          Signed By Governor
    4/2/2015          Effective date 03/27/15
    4/9/2015          Act No. 5

View the latest legislative information at the website

VERSIONS OF THIS BILL

2/3/2015
2/18/2015
2/19/2015
3/4/2015

(A5, R7, S397)

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 2014 AND TO PROVIDE THAT IF THE INTERNAL REVENUE CODE SECTIONS ADOPTED BY THIS STATE ARE EXTENDED, THEN THESE SECTIONS ALSO ARE EXTENDED FOR SOUTH CAROLINA INCOME TAX PURPOSES.

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) and (c) of the 1976 Code, as last amended by Act 126 of 2014, 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, 2014, and includes the effective date provisions contained in it.

(c)    If Internal Revenue Code sections adopted by this State which expired or portions thereof expired on December 31, 2014, are extended, but otherwise not amended, by congressional enactment during 2015, 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 25th day of March, 2015.

Approved the 27th day of March, 2015.

This web page was last updated on July 20, 2015 at 3:37 PM