H4017: IRS code

Legislative Summary

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 2020, 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 For The Tax Treatment Of The Paycheck Protection Program And Certain Expenses As Provided For In The Federal Consolidated Appropriations Act Of 2021; To Specifically Not Adopt Certain Provisions Of The Coronavirus Aid, Relief, And Economic Security Act; And To Adopt A Provision Of The American Rescue Plan Relating To Unemployment Compensation, And To Authorize Funds To Account For The Adopted Provision. - Ratified Title