The bill H. 3751 proposes an amendment to the South Carolina Code of Laws, specifically Section 12-6-1120, to exclude income derived from digital assets, including cryptocurrency, from the calculation of gross income for state tax purposes. The new legal language specifies that South Carolina gross income will not include any income that is also included in federal gross income from the receipt, sale, exchange, or disposal of these digital assets.

This amendment aims to provide clarity and potentially encourage the use of digital assets within the state by ensuring that such income is not subject to state taxation. The bill is set to take effect upon approval by the Governor and will apply to tax years beginning after 2024.

Statutes affected:
01/15/2025: 12-6-1120
Latest Version: 12-6-1120