IRC conformity AN ACT TO 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 TITLEView full text View Vote History View Fiscal Impact03/27/25Senate Introduced and read first time (Senate Journal-page 4)03/27/25Senate Referred to Committee on Finance (Senate Journal-page 4)04/23/25Senate Polled out of committee Finance (Senate Journal-page 11)04/23/25Senate Committee report: Favorable Finance (Senate Journal-page 11)04/24/25Senate Read second time (Senate Journal-page 37)04/24/25Senate Roll call Ayes-39 Nays-0 (Senate Journal-page 37)04/29/25Senate Read third time and sent to House (Senate Journal-page 25)04/30/25House Introduced and read first time (House Journal-page 109)04/30/25House Referred to Committee on Ways and Means (House Journal-page 109)05/06/25House Committee report: Favorable Ways and Means (House Journal-page 2)05/07/25House Read second time (House Journal-page 24)05/07/25House Roll call Yeas-109 Nays-2 (House Journal-page 25)05/08/25House Read third time and enrolled (House Journal-page 81)05/20/25 Ratified R 9005/22/25 Signed By Governor05/27/25 Effective date 05/22/2505/27/25 Act No. 63
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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 state income tax laws to align with the Internal Revenue Code as of December 31, 2024. It also ensures that if the federal Internal Revenue Code sections adopted by South Carolina are extended, those extensions will also apply to South Carolina income taxes. This ensures consistency between state and federal tax rules.
Key provisions
- Updates the reference to the Internal Revenue Code to 2024.
- Provides that if federal Internal Revenue Code sections are extended, they are also extended for South Carolina income tax purposes.
- Amends Section 12-6-40(A)(1)(a) and (c) of the S.C. Code.
- Ensures consistency between state and federal tax laws.
- Effective upon Governor approval.
Who is affected
- Taxpayers
- Businesses
- The South Carolina Department of Revenue
- Tax professionals
Notable changes
- Updates the reference to the Internal Revenue Code to 2024, reflecting the most current version.
- Provides a mechanism for automatic extension of federal tax provisions to South Carolina.
Bill text
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