The bill S. 507 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 remain aligned with federal tax regulations. Specifically, the bill states 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.

Additionally, the bill clarifies that the definition of "Internal Revenue Code" will now refer to the IRC as amended through December 31, 2024, rather than 2023. This update is crucial for maintaining consistency between state and federal tax laws, particularly in light of any potential extensions of IRC provisions. The act will take effect upon approval by the Governor.

Statutes affected:
03/27/2025: 12-6-40
04/23/2025: 12-6-40
05/06/2025: 12-6-40
Latest Version: 12-6-40