The bill H. 3751 aims to amend the South Carolina Code of Laws by modifying Section 12-6-1120, which pertains to the modifications of gross income. The proposed amendment specifically seeks to exclude income derived from the receipt, sale, exchange, or disposal of digital assets, including cryptocurrency, from being considered as gross income for state tax purposes. This change is intended to align state tax regulations with the evolving landscape of digital assets and provide clarity on their taxation.

If enacted, the new provision will state that South Carolina gross income does not include any income that is also included in federal gross income from digital assets. 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