South Carolina General Assembly
124th Session, 2021-2022

Download This Bill in Microsoft Word format

A201, R227, H5057

STATUS INFORMATION

General Bill
Sponsors: Reps. Simrill, Pope, Erickson and W. Newton
Document Path: l:\council\bills\jn\3538sa22.docx
Companion/Similar bill(s): 4017

Introduced in the House on March 1, 2022
Introduced in the Senate on April 6, 2022
Last Amended on April 5, 2022
Passed by the General Assembly on May 10, 2022
Governor's Action: May 16, 2022, Signed

Summary: IRS Code

HISTORY OF LEGISLATIVE ACTIONS

     Date      Body   Action Description with journal page number
-------------------------------------------------------------------------------
    3/1/2022  House   Introduced and read first time (House Journal-page 25)
    3/1/2022  House   Referred to Committee on Ways and Means 
                        (House Journal-page 25)
   3/31/2022  House   Committee report: Favorable with amendment Ways and 
                        Means (House Journal-page 29)
    4/5/2022  House   Member(s) request name added as sponsor: W.Newton
    4/5/2022  House   Amended (House Journal-page 25)
    4/5/2022  House   Read second time (House Journal-page 25)
    4/5/2022  House   Roll call Yeas-113  Nays-0 (House Journal-page 26)
    4/6/2022  House   Read third time and sent to Senate (House Journal-page 9)
    4/6/2022  Senate  Introduced and read first time (Senate Journal-page 8)
    4/6/2022  Senate  Referred to Committee on Finance (Senate Journal-page 8)
    5/3/2022  Senate  Committee report: Favorable Finance 
                        (Senate Journal-page 9)
    5/4/2022  Senate  Read second time (Senate Journal-page 50)
    5/4/2022  Senate  Roll call Ayes-41  Nays-0 (Senate Journal-page 50)
   5/10/2022  Senate  Read third time and enrolled (Senate Journal-page 40)
   5/12/2022          Ratified R  227 (Senate Journal-page 229)
   5/16/2022          Signed By Governor
   5/31/2022          Effective date  05/16/22
   5/31/2022          Act No.  201

View the latest legislative information at the website

VERSIONS OF THIS BILL

3/1/2022
3/31/2022
4/5/2022
5/3/2022


(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

(A201, R227, H5057)

AN ACT TO AMEND SECTION 12-6-40, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE APPLICATION OF THE INTERNAL REVENUE CODE TO STATE INCOME TAX LAWS, SO AS TO UPDATE THE REFERENCE TO THE INTERNAL REVENUE CODE TO THE YEAR 2021 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; AND TO PROVIDE THAT FOR TAX YEAR 2021, SOUTH CAROLINA ADOPTS CERTAIN FEDERAL EXCLUSIONS FROM GROSS INCOME.

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

Internal Revenue Code conformity

SECTION    1.    Section 12-6-40(A)(1)(a) and (c) of the 1976 Code, as last amended by Act 87 of 2021, is further amended to read:

"(a)    Except as otherwise provided, 'Internal Revenue Code' means the Internal Revenue Code of 1986, as amended through December 31, 2021, and includes the effective date provisions contained in it.

(c)    If Internal Revenue Code sections adopted by this State which expired or portions thereof expired on December 31, 2021, are extended, but otherwise not amended, by congressional enactment during 2022, these sections or portions thereof also are extended for South Carolina income tax purposes in the same manner that they are extended for federal income tax purposes."

American Rescue Plan, exclusions from gross income

SECTION    2.    For tax year 2021, South Carolina adopts the federal exclusion from gross income for targeted Economic Injury Disaster Loan advances received from the Small Business Administration (SBA) and the federal exclusion from gross income for restaurant revitalization grant amounts received from the SBA as provided in Sections 9672 and 9673 of the American Rescue Plan Act.

Time effective

SECTION    3.    This act takes effect upon approval by the Governor.

Ratified the 12th day of May, 2022.

Approved the 16th day of May, 2022.

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This web page was last updated on June 10, 2022 at 4:12 PM