South Carolina S 507: IRC conformity

Bill Text

2025-2026 Bill 507 Text of Previous Version (May. 06, 2025) - South Carolina Legislature Online 

South Carolina General Assembly
126th Session, 2025-2026

Bill 507

Indicates Matter Stricken
Indicates New Matter

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

Indicates Matter Stricken

Indicates New Matter

Committee Report

May 6, 2025

S. 507

Introduced 
by Senators Peeler, Alexander and Turner 

S. Printed 5/6/25--H.

Read the first time April 30, 2025

________

The committee on House Ways and 
Means

To whom was referred a Bill (S. 507) 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, 
etc., respectfully

Report:

That they have duly and carefully considered 
the same, and recommend that the same do pass:

B.W. BANNISTER for Committee.

_______

A bill

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.

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

SECTION 1. Section 12-6-40(A)(1)(a) and (c) of the S.C. Code is 
amended to read:

 (a) Except as otherwise provided, 
"Internal Revenue Code" means the Internal Revenue Code of 1986, as amended 
through December 31, 20232024, 
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, 20232024, are extended, but otherwise not amended, by 
congressional enactment during 20242025, 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.

SECTION 2. This act takes effect upon approval 
by the Governor.

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