A BILL TO AMEND SECTION 12640, 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 PROVIDE AN EXCEPTION FOR PERSONAL AND DEPENDENT EXEMPTION AMOUNTS, 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; AND TO AMEND SECTION 12650, RELATING TO PROVISIONS OF THE INTERNAL REVENUE CODE NOT ADOPTED BY THIS STATE, SO AS TO NOT ADOPT CERTAIN PROVISIONS. Be it enacted by the General Assembly of the State of South Carolina: SECTION 1. Section 12640(A)(1) of the 1976 Code is amended to read: “(1)(a) Except as otherwise provided, ‘Internal Revenue the Internal Revenue Code of 1986, as amended Code’ means through December 31, 2016 February 9, 2018, and includes the effective date provisions contained in it. (b) For purposes of Sections 63 and 179 of the Internal Revenue Code, the amendments made by Sections 103 and 202 of the Jobs and Growth Tax Relief Reconciliation Act of 2003, P.L. 10827 (May 28, 2003) are effective only for taxable years beginning after December 31, 2003. For South Carolina income tax purposes, for tax years beginning after December 31, 2017, and before January 1, 2026, the zero personal exemption amount provided for under Section 151 of the Internal Revenue Code, shall be one thousand
A BILL TO AMEND SECTION 12640, 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 PROVIDE AN EXCEPTION FOR PERSONAL AND DEPENDENT EXEMPTION AMOUNTS, 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; AND TO AMEND SECTION 12650, RELATING TO PROVISIONS OF THE INTERNAL REVENUE CODE NOT ADOPTED BY THIS STATE, SO AS TO NOT ADOPT CERTAIN PROVISIONS. Be it enacted by the General Assembly of the State of South Carolina: SECTION 1. Section 12640(A)(1) of the 1976 Code is amended to read: “(1)(a) Except as otherwise provided, ‘Internal Revenue Code’ means the Internal Revenue Code of 1986, as amended through December 31, 2016 February 9, 2018, and includes the effective date provisions contained in it. (b) For purposes of Sections 63 and 179 of the Internal Revenue Code, the amendments made by Sections 103 and 202 of the Jobs and Growth Tax Relief Reconciliation Act of 2003, P.L. 10827 (May 28, 2003) are effective only for taxable years beginning after December 31, 2003. For South Carolina income tax purposes, for tax years beginning after December 31, 2017, and before January 1, 2026, the zero personal exemption amount provided for under Section 151 of the Internal Revenue Code, shall be one thousand
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