The bill H. 3489 aims to amend Section 12-6-40 of the South Carolina Code of Laws, which pertains to the application of the federal Internal Revenue Code (IRC) to state tax laws. The proposed changes include updating the reference to the IRC to the year 2024, ensuring that the state's tax laws are in alignment with the most current federal tax regulations. Additionally, the bill stipulates that if any sections of the IRC adopted by South Carolina are extended by Congress, those same sections will also be extended for state income tax purposes.

Specifically, the bill modifies the definition of "Internal Revenue Code" to reflect amendments made through December 31, 2024, and clarifies that any expired IRC sections that are subsequently extended by federal law will automatically be extended for South Carolina income tax purposes as well. This legislative update is intended to streamline the state's tax code and maintain consistency with federal tax law changes. The act will take effect upon approval by the Governor.

Statutes affected:
12/05/2024: 12-6-40
04/30/2025: 12-6-40
Latest Version: 12-6-40