summary
Introduced
03/27/2025
03/27/2025
In Committee
04/30/2025
04/30/2025
Crossed Over
04/29/2025
04/29/2025
Passed
05/08/2025
05/08/2025
Dead
Signed/Enacted/Adopted
05/27/2025
05/27/2025
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. - Ratified Title
AI Summary
This bill updates South Carolina's tax code to conform with the latest federal Internal Revenue Code (IRC) for the year 2024. Specifically, it modifies Section 12-6-40 to reference the Internal Revenue Code as amended through December 31, 2024, and provides a mechanism for automatically extending certain IRC sections for state income tax purposes. The bill ensures that if the U.S. Congress extends any IRC sections that were set to expire on December 31, 2024, these same sections will also be extended for South Carolina income tax purposes during the 2024-2025 tax year. This type of "conformity" legislation is common among states, as it helps align state tax laws with federal tax laws, simplifying tax preparation and compliance for taxpayers. The bill will take effect immediately upon approval by the Governor of South Carolina.
Committee Categories
Budget and Finance
Sponsors (3)
Last Action
Act No. 63 (on 05/27/2025)
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.scstatehouse.gov/billsearch.php?billnumbers=0507&session=126&summary=B |
| BillText | https://www.scstatehouse.gov/sess126_2025-2026/prever/507_20250506.htm |
| BillText | https://www.scstatehouse.gov/sess126_2025-2026/prever/507_20250423.htm |
| Fiscal Note - S0507 2025-03-27 Introduced | https://www.scstatehouse.gov/sess126_2025-2026/fiscalimpactstatements/S0507%202025-03-27%20introduced.pdf |
| BillText | https://www.scstatehouse.gov/sess126_2025-2026/prever/507_20250327.htm |
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