H4595: Tax conformity

Legislative Summary

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 2023 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 By Amending Section 12-6-50, Relating To Internal Revenue Code Sections Specifically Not Adopted By The State, So As To Adopt Internal Revenue Code Section 168(k) Relating To Bonus Depreciation.