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 the "Internal Revenue Code" will now refer to the IRC as amended through December 31, 2024, rather than 2023.

Additionally, the bill stipulates that if any sections of the IRC adopted by South Carolina that expired on December 31, 2024, are extended by Congress, those sections will also be extended for South Carolina income tax purposes. This provision ensures that South Carolina taxpayers benefit from any federal extensions in a consistent manner. The act will take effect upon approval by the Governor.

Statutes affected:
03/27/2025: 12-6-40
Latest Version: 12-6-40