Effective May 16, 2023, Governor Henry McMaster signed H.B. 4017 to update the state’s conformity to the Internal Revenue Code. Any reference to the Internal Revenue Code in South Carolina statutes will refer to the Internal Revenue Code of 1986 (“the Code”), as amended through December 31, 2022, and will include the effective date provisions contained therein.
If any sections of the Code adopted by the state, which expired on December 31, 2022, are extended but otherwise not amended by congressional enactment during 2023, these sections are also extended for South Carolina income tax purposes in the same manner they are extended for federal income tax purposes.
Please reach out to our technical information contacts below if you have any questions.
TECHNICAL INFORMATION CONTACTS:
Mark L. Nachbar
Principal
Ryan
630.515.0477
mark.nachbar@ryan.com
Joseph Schmidt
Director
Ryan
704.553.0722
joseph.schmidt@ryan.com
The material presented in this communication is intended to provide general information only and should solely be seen as broad guidance and not directed to the particular facts or circumstances of any individual who may read this publication. No liability is accepted for acts or omissions taken in reliance upon the content of this piece. Before taking (or not taking) any action, readers should seek professional advice specific to their situation from Ryan, LLC or other tax professionals. For additional information about this topic, please contact us at info@ryan.com.