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 and stipulating that if any sections of the IRC adopted by South Carolina are extended by Congress, those sections will also be extended for state income tax purposes.

Specifically, the bill modifies the definition of "Internal Revenue Code" to reflect amendments through December 31, 2024, and clarifies that any expired sections of the IRC that are extended by federal law will similarly apply to South Carolina's income tax regulations. This alignment with federal tax law is intended to ensure consistency and clarity in the state's tax code. The act will take effect upon approval by the Governor.

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