S 0507 by Peeler
S 0507
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed House
- To Governor
- Became Law
Overview
This bill updates South Carolina’s tax laws to align with the Internal Revenue Code as of December 31, 2024. Specifically, it amends a section of the state’s tax code to reference the 2024 version of the Internal Revenue Code. Furthermore, the bill ensures that any extensions to the referenced Internal Revenue Code sections also apply to South Carolina income tax purposes.
Key provisions
- Updates South Carolina’s tax code to conform with the Internal Revenue Code as of December 31, 2024.
- Specifies that the ‘Internal Revenue Code’ refers to the 2024 version of the code.
- Provides that if the referenced Internal Revenue Code sections are extended, those extensions also apply to South Carolina income tax.
- Amends Section 12-6-40(A)(1)(a) and (c) of the S.C. Code.
Who is affected
- Taxpayers
- Businesses
- The South Carolina Department of Revenue
- Tax professionals
Notable changes
- Ensures South Carolina tax laws remain synchronized with the federal Internal Revenue Code.
- Extends the applicability of certain Internal Revenue Code provisions to South Carolina income tax purposes.
Bill text
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