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Subcommittee sends IRS conformity bill to full committee with voice vote
Summary
S.507, the annual bill updating South Carolina tax law to conform to federal Internal Revenue Code changes through Dec. 31, 2024, received a favorable subcommittee report and will move to the full committee.
The Sales and Income Tax Subcommittee gave a favorable report to S.507, the annual IRS-conformity bill that updates South Carolina law to match the Internal Revenue Code through Dec. 31, 2024.
Staff described S.507 as the routine, annual conformity update: "This is just your annual conformity bill," a subcommittee staff member said, noting the state uses a fixed-date conformity approach and that the bill "updates South Carolina's conformity to the [Internal Revenue] Code through 12/31/2024." The staff member added the bill would proactively adopt federal provisions that are extended in 2025 but not otherwise amended by Congress.
Committee members offered brief comment. One member asked why the Legislature does not act earlier each year; the question was framed as a procedural critique rather than a dispute over substance.
A motion to give S.507 a favorable report passed by voice vote and the bill will proceed to the full committee. The staff member said there was no fiscal impact associated with the measure as presented to the subcommittee.
The subcommittee referenced recent work: Act 175 of 2024 had conformed South Carolina law to federal changes through Dec. 31, 2023. S.507 advances the state's fixed-date conformity to include subsequent federal changes through the end of 2024.
