For South Carolina income tax purposes, gross income, adjusted gross income, and taxable income as calculated under the Internal Revenue Code are modified as provided in this article and subject to allocation and apportionment as provided in Article 17 of this chapter.
HISTORY: 1995 Act No. 76, Section 1; 2005 Act No. 145, Section 9, eff June 7, 2005; 2018 Act No. 265 (S.1043), Section 4.B, eff October 3, 2018.
Editor's Note
2005 Act No. 145, Section 42, provides as follows:
"Notwithstanding the ratification of another act during the 2004-2005 Session of the General Assembly affecting the sections of the 1976 Code amended in Sections 7, 8, 9, and 10 of this act, the ratification of this act is deemed to be the last action of the General Assembly regarding those code sections."
2018 Act No. 265, Section 4.C, provides as follows:
"C. This SECTION takes effect upon approval by the Governor and first applies to tax years beginning after 2017."
Effect of Amendment
2018 Act No. 265, Section 4.B, deleted the paragraph designators and deleted (B), which had related to elections to determine taxable income from certain international shipping activities.