summary
Introduced
01/14/2025
01/14/2025
In Committee
05/06/2025
05/06/2025
Crossed Over
05/02/2025
05/02/2025
Passed
Dead
Introduced Session
126th General Assembly
Bill Summary
Amend The South Carolina Code Of Laws By Amending Section 12-6-40, Relating To Application Of Federal Internal Revenue Code To State Tax Laws, So As To Update The Reference To The Internal Revenue Code To The Year 2024 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.
AI Summary
This bill updates South Carolina's tax code to conform with the latest version of the federal Internal Revenue Code (IRC). Specifically, it amends Section 12-6-40 to change the reference year of the IRC from 2023 to 2024, which means that South Carolina will now use the Internal Revenue Code as amended through December 31, 2024, for state income tax purposes. Additionally, the bill provides that if any IRC sections that South Carolina has adopted were set to expire on December 31, 2024, and are subsequently extended by Congress during 2024-2025 without other amendments, these sections will also be automatically extended for South Carolina income tax purposes in the same manner as they are extended for federal tax purposes. The bill would take effect upon the Governor's approval, ensuring that the state's tax code remains synchronized with federal tax law updates.
Committee Categories
Budget and Finance
Sponsors (2)
Last Action
Referred to Committee on Finance (on 05/06/2025)
bill text
bill summary
Loading...
bill summary
Loading...
bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.scstatehouse.gov/billsearch.php?billnumbers=3489&session=126&summary=B |
| BillText | https://www.scstatehouse.gov/sess126_2025-2026/prever/3489_20250430.htm |
| Fiscal Note - H3489 2025-01-14 Introduced | https://www.scstatehouse.gov/sess126_2025-2026/fiscalimpactstatements/H3489%202025-01-14%20introduced.pdf |
| BillText | https://www.scstatehouse.gov/sess126_2025-2026/prever/3489_20241205.htm |
Loading...