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Bill Number: 219 Ratification Number: 74 Act Number 43 Introducing Body: Senate Subject: Estate tax returns
(A43, R74, S219)
AN ACT TO AMEND SECTION 12-15-520, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO FILING REQUIREMENTS FOR SOUTH CAROLINA ESTATE TAX RETURNS, SO AS TO INCREASE THE GROSS ESTATE AMOUNT ABOVE WHICH RETURNS MUST BE FILED IN COORDINATION WITH PHASED-IN INCREASES IN THE SPECIFIC EXEMPTIONS FOR ESTATES.
Be it enacted by the General Assembly of the State of South Carolina:
Estate tax returns
SECTION 1. Section 12-15-520 of the 1976 Code is amended to read:
"Section 12-15-520. Where the gross estate at the death of a resident exceeds the amount of the exemption applicable in Section 12-15-61, the executor shall make a return with respect to the estate tax imposed by this chapter. For a person not a resident of this State, if that part of the gross estate which is situated in this State and that part of the gross estate which is situated outside of this State in the aggregate exceed the amount of the exemption applicable in Section 12-15-251, the executor shall make a return with respect to the estate tax imposed by this chapter. If the executor is unable to make a complete return as to a part of the gross estate of the decedent, he must include in his return a description of the part and the name of every person holding a legal or beneficial interest in the estate. Upon notice from the commission the person similarly shall make a return as to that part of the gross estate. A return made by one of two or more joint fiduciaries is sufficient compliance with the requirements of this section. A return made pursuant to this section must contain a statement that the fiduciary has sufficient knowledge of the affairs of the person for whom the return is made to enable him to make the return and that the return is, to the best of his knowledge and belief, true and correct."
SECTION 2. The provisions of Sections 8 and 9 of Act 70 of 1987 apply to Section 12-15-520 of the 1976 Code as amended by this act.
SECTION 3. This act takes effect upon approval by the Governor.