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Subcommittee advances bill to update state tax code to 2024 federal IRC
Summary
A Ways and Means subcommittee gave a favorable report to House Bill H 3,489, a routine IRC conformity measure that would align South Carolina law with the Internal Revenue Code through tax year 2024; the measure passed 3-0 and will go to the full committee.
The Ways and Means Subcommittee gave a favorable report to House Bill H 3,489 on a 3-0 roll call, advancing the bill to the full committee. H 3,489 would update South Carolina’s conformity with the Internal Revenue Code so that state returns reflect federal law through the 2024 tax year.
Mr. Snyder, a presenter at the subcommittee meeting, asked members to support H 3,489, which he described as the annual “conformity” bill that the legislature uses to align state tax law with changes in the Internal Revenue Code. “I’m here, today to request your support, of the House Bill 3,489, which is called IRC conformity,” Snyder said.
The bill would extend the statute’s conformity point from 2023 to 2024, meaning state tax filings would start from the federal Internal Revenue Code as amended through 2024 if the bill is enacted.
Representative Taylor said he hopes the Legislature will not have to revisit the same conformity measure frequently. “I can only say I hope this is the last time we ever, ever have to pass this bill,” Taylor said, adding that earlier and clearer planning on related legislation could reduce future repeat votes.
The subcommittee recorded a roll call with Representatives Newton, Hosey and Taylor voting aye; Representatives Stavronakis and Crawford were excused. The motion to give the bill a favorable report was moved by Representative Taylor and seconded by Representative Hosey. The committee clerk announced the result as a favorable report, 3-0.
H 3,489 will be scheduled for consideration by the full Ways and Means committee. The discussion in the subcommittee was brief and limited to the conformity mechanics; no amendments were recorded at the subcommittee level.
