Bill 414

 Current Status

BillNumber: 414
Ratification Number: 597
Act Number: 496
Introducing Body: Senate
Subject: Relating to the optional standard deduction, to 
 items not deductible in computing net income and to 
 a foreign corporation's application for authority to 
 do business in this state

(A496, R597, S414)

AN ACT TO AMEND SECTION 12-7-710, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE OPTIONAL STANDARD DEDUCTION, SO AS TO DELETE LANGUAGE WHICH RESTRICTS THE USE OF THE DEDUCTION BY CERTAIN TAXPAYERS, TO AMEND SECTION 12-7-760, RELATING TO ITEMS NOT DEDUCTIBLE IN COMPUTING NET INCOME, SO AS TO ADD A NEW ITEM, AND TO AMEND SECTION 33-23-20, AS AMENDED, RELATING TO A FOREIGN CORPORATION'S APPLICATION FOR AUTHORITY TO DO BUSINESS IN THIS STATE, SO AS TO REQUIRE THE APPLICATION TO BE ACCOMPANIED BY A COPY OF THE INITIAL REPORT AND LICENSE FEE AS REQUIRED BY SECTION 12-19-130 AND TO DELETE THE REQUIREMENT THAT THE APPLICATION MUST BE ACCOMPANIED BY A COPY OF THE CORPORATION'S ARTICLES OF INCORPORATION AUTHENTICATED BY A PROPER OFFICIAL OF THE JURISDICTION OF ITS INCORPORATION.

Be it enacted by the General Assembly of the State of South Carolina:

Tax deduction

SECTION 1. Section 12-7-710 of the 1976 Code, as last amended by Act 463 of 1982, is further amended to read:

"Section 12-7-710. In lieu of all other deductions from gross income, an individual may, at the option of the taxpayer, deduct an amount not exceeding ten percent of his adjusted gross income or the sum of one thousand dollars, whichever is the lesser; provided, that when husband and wife make a joint return, the amount deductible may be an amount not exceeding ten percent of their combined adjusted gross income or the sum of two thousand dollars, whichever is the lesser. When a husband and wife make separate returns, both must exercise the same option. The election provided herein shall be available only to an individual taxpayer who is not eligible to elect to pay the tax imposed by Section 12-7-211 by reason of Section 12-7-212."

Further

SECTION 2. Section 12-7-760 of the 1976 Code is amended by adding a new item to be appropriately numbered which shall read:

"() Amounts paid or accrued as enumerated and disallowed in Section 162(c), (f), and (g) of the Internal Revenue Code of 1954, as amended."

Application of corporation for authority - requirements

SECTION 3. Subsection (b) of Section 33-23-20 of the 1976 Code, as last amended by Act 146 of 1981, is further amended to read:

"(b) The application of the corporation for authority must be accompanied by:

(1) A copy of the initial report and license fee as required by Section 12-19-130. The remittance for the license fee required must be made payable to the South Carolina Tax Commission. The report and remittance must be submitted to the Tax Commission by the Secretary of State.

(2) A certificate by the proper official that the corporation is in good standing under the laws of the State of its incorporation.

(3) A certificate signed by an attorney licensed to practice in this State, that all of the requirements of this chapter relating to the authorization of foreign corporations to do business in this State have been complied with, and that, in the opinion of the attorney, the foreign corporation is authorized to do business for lawful purposes in this State."

Provisions of Sections 1, 2, and 3 effective for all taxable years beginning December 31, 1982

SECTION 4. The provisions of Sections 1, 2, and 3 of this act shall be effective for all taxable years beginning after December 31, 1982.

Time effective

SECTION 5. This act shall take effect upon approval by the Governor.

Approved the 28th day of June, 1984.