reglab/housing_qa huggingface dataset:
SC Code § 12-6-580 (2021)
2021 South Carolina Code of Laws|Title 12 - Taxation|Chapter 6 - South Carolina Income Tax Act|Section 12-6-580. Computation of corporation's gross and taxable income.

 A corporation's South Carolina gross income, taxable income, and the unrelated business income of a corporation exempt from taxation under Internal Revenue Code Section 501 et seq., is computed as determined under the Internal Revenue Code with the modifications provided in Article 9 of this chapter and subject to allocation and apportionment as provided in Article 17 of this chapter.  HISTORY: 1995 Act No. 76, Section 1.
SC Code § 12-6-590 (2021)
2021 South Carolina Code of Laws|Title 12 - Taxation|Chapter 6 - South Carolina Income Tax Act|Section 12-6-590. Treatment of "S" corporations for tax purposes; shareholders.

 (A) Except as provided in Section 12-6-1210(F), an "S" Corporation having a valid federal election under the Internal Revenue Code Subchapter "S" is not subject to tax under this chapter to the extent it would be exempt from federal corporate income tax. Each shareholder shall include its share of South Carolina "S" Corporation income on the shareholder's income tax return. All of the provisions of the Internal Revenue Code apply to determine the gross income, adjusted gross income, and taxable income of an "S" Corporation and its shareholders subject to the modifications provided in Article 9 of this chapter and subject to allocation and apportionment as provided in Article 17 of this chapter.  (B) A taxpayer who is a shareholder in a bank, as defined in Section 581 of the IRC, having a valid federal election under Subchapter S, is allowed a tax credit that equals the difference between: (i) the taxpayer's tax as computed pursuant to this chapter, including all credits other than the credit allowed pursuant to this section; and (ii) the tax as computed pursuant to this chapter, including all credits other than the credit allowed pursuant to this section, but excluding the taxpayer's prorata share of the net items of income and expense of the bank. The credit may not exceed the taxpayer's prorata share of the tax imposed on the bank pursuant to Section 12-11-30. These taxpayers are taxed pursuant to the provisions of this section and Section 12-6-545, notwithstanding the exception contained in Section 12-6-545(A)(1).  HISTORY: 1995 Act No. 76, Section 1; 2007 Act No. 116, Section 65.A, eff June 28, 2007, applicable to calendar years beginning January 1, 2007; 2010 Act No. 150, Section 2, eff April 27, 2010; 2010 Act No. 290, Section 37, eff June 23, 2010.
SC Code § 12-6-600 (2021)
2021 South Carolina Code of Laws|Title 12 - Taxation|Chapter 6 - South Carolina Income Tax Act|Section 12-6-600. Taxation of partnerships.

 An entity treated as a partnership for federal income tax purposes is not subject to tax under this chapter. Each partner shall include its share of South Carolina partnership income on the partner's respective income tax return. All of the provisions of the Internal Revenue Code apply to determine the gross income, adjusted gross income, and taxable income of a partnership and its partners, subject to the modifications provided in Article 9 of this chapter and subject to allocation and apportionment as provided in Article 17 of this chapter.  HISTORY: 1995 Act No. 76, Section 1.
SC Code § 12-6-610 (2021)
2021 South Carolina Code of Laws|Title 12 - Taxation|Chapter 6 - South Carolina Income Tax Act|Section 12-6-610. Computation of gross and taxable income of resident estate or trust.

 A resident estate or resident trust's South Carolina gross income and taxable income is computed as determined under the provisions of the Internal Revenue Code, including the provisions of Internal Revenue Code Section 584 (Common Trust Funds), with the modifications provided in Article 9 of this chapter and subject to allocation and apportionment as provided in Article 17 of this chapter.  HISTORY: 1995 Act No. 76, Section 1.
SC Code § 12-6-620 (2021)
2021 South Carolina Code of Laws|Title 12 - Taxation|Chapter 6 - South Carolina Income Tax Act|Section 12-6-620. Computation of gross, adjusted gross, and taxable income of nonresident individual, trust, and estate.

 A nonresident individual, nonresident trust, and nonresident estate's South Carolina gross income, adjusted gross income, and taxable income is computed as provided in Section 12-6-1720.  HISTORY: 1995 Act No. 76, Section 1.
SC Code § 12-6-630 (2021)
2021 South Carolina Code of Laws|Title 12 - Taxation|Chapter 6 - South Carolina Income Tax Act|Section 12-6-630. Taxation of entities not specified or excluded.

 Entities, other than those specified in Sections 12-6-560 through 12-6-620 and those specifically excluded from income taxation under Section 12-6-550, are taxed as provided in the Internal Revenue Code with the modifications provided in Article 9 of this chapter and subject to allocation and apportionment as provided in Article 17 of this chapter.  HISTORY: 1995 Act No. 76, Section 1.
SC Code § 12-6-640 (2021)
2021 South Carolina Code of Laws|Title 12 - Taxation|Chapter 6 - South Carolina Income Tax Act|Section 12-6-640. Use of monies appropriated to Commissioners of Pilotage.

 Monies appropriated to the Commissioners of Pilotage must be used as a grant to the Maritime Association of the Port of Charleston for the purpose of supporting the establishment of a maritime exchange system to provide vessel information services and is not taxable income for purposes of this chapter.  HISTORY: 2000 Act No. 406, Section 3, eff June 8, 2000.
SC Code § 12-6-1110 (2021)
2021 South Carolina Code of Laws|Title 12 - Taxation|Chapter 6 - South Carolina Income Tax Act|Section 12-6-1110. Modifications of gross, adjusted gross, and taxable income calculated under Internal Revenue Code.

 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.
SC Code § 12-6-1150 (2021)
2021 South Carolina Code of Laws|Title 12 - Taxation|Chapter 6 - South Carolina Income Tax Act|Section 12-6-1150. Net capital gain; deduction from taxable income for individuals, estates, and trusts.

 (A) Individuals, estates, and trusts are allowed a deduction from South Carolina taxable income equal to forty-four percent of net capital gain recognized in this State during a taxable year. In the case of estates and trusts, the deduction is applicable only to income taxed to the estate or trust or individual beneficiaries and not income passed through to nonindividual beneficiaries.  (B)(1) South Carolina income includes capital gains and losses from partnerships and "S" Corporations.  (2) Net capital gain is as defined in Internal Revenue Code, Section 1222 and related sections.  HISTORY: 1995 Act No. 76, Section 1; 2000 Act No. 387, Part II, Section 40B, eff June 30, 2000 and applicable for taxable years beginning after 2000.  Editor's Note  2000 Act No. 387, Part II, Section 40A., provides as follows:  "This section may be cited as the South Carolina Capital Gain Holding Period Reform Act."
SC Code § 12-6-1160 (2021)
2021 South Carolina Code of Laws|Title 12 - Taxation|Chapter 6 - South Carolina Income Tax Act|Section 12-6-1160. Dependent deduction for resident individual.

 A resident individual taxpayer is allowed an additional deduction for each dependent eligible for the South Carolina dependent exemption pursuant to Section 12-6-1140 who has not yet attained the age of six years during the applicable tax year. The deduction allowed by this section is an amount equal to the South Carolina dependent exemption allowed pursuant to Section 12-6-1140.  HISTORY: 1995 Act No. 76, Section 1; 2018 Act No. 266 (H.5341), Section 6, eff October 3, 2018.  Editor's Note  2018 Act No. 266, Sections 1, 7, 8, and 9, provide as follows:  "SECTION 1. This act may be referred to as the 'South Carolina Taxpayer Protection and Relief Act'."  "SECTION 7. The Department of Revenue shall take actions necessary to implement the provisions of this act and take the appropriate actions to educate taxpayers of the amendments contained within this act, especially those, if any, that impact filing requirements or determination of taxable income.  "SECTION 8. By January 15, 2025, the Department of Revenue, in coordination with the Revenue and Fiscal Affairs Office, shall deliver a report to the General Assembly that specifies the many provisions of the Tax Cuts and Jobs Act of 2017 that expire after tax year 2025.  "SECTION 9. Except where specified otherwise, this act takes effect upon approval by the Governor and first applies to tax years beginning after 2017."  Effect of Amendment  2018 Act No. 266, Section 6, rewrote the section, providing that the amount of the dependent exemption is equal to the amount of the South Carolina dependent exemption.
SC Code § 12-6-1171 (2021)
2021 South Carolina Code of Laws|Title 12 - Taxation|Chapter 6 - South Carolina Income Tax Act|Section 12-6-1171. Military retirement income deduction; definitions; surviving spouse.

 (A)(1) An individual taxpayer who has military retirement income, each year may deduct an amount of his South Carolina earned income from South Carolina taxable income equal to the amount of military retirement income that is included in South Carolina taxable income, not to exceed seventeen thousand five hundred dollars. In the case of married taxpayers who file a joint federal income tax return, the deduction allowed by this section shall be calculated separately as though they had not filed a joint return, so that each individual's deduction is based on the same individual's retirement income and earned income. For purposes of this item, "South Carolina earned income" has the same meaning as provided in Section 12-6-3330.  (2) Notwithstanding item (1), beginning in the year in which an individual taxpayer reaches age sixty-five, an individual taxpayer who has military retirement income may deduct up to thirty thousand dollars of military retirement income that is included in South Carolina taxable income.  (B) The term "retirement income", as used in this section, means the total of all otherwise taxable income not subject to a penalty for premature distribution received by the taxpayer or the taxpayer's surviving spouse in a taxable year from a qualified military retirement plan. For purposes of a surviving spouse, "retirement income" also includes a retirement benefit plan and dependent indemnity compensation related to the deceased spouse's military service.  (C) A surviving spouse receiving military retirement income that is attributable to the deceased spouse shall apply this deduction in the same manner that the deduction applied to the deceased spouse. If the surviving spouse also has another retirement income, an additional retirement exclusion is allowed.  (D) The department may require the taxpayer to provide information necessary for proper administration of this subsection.  HISTORY: 2016 Act No. 272 (H.3147), Section 1.B, eff June 7, 2016.  Editor's Note  2016 Act No. 272, Section 1.C, provides as follows:  "C. Notwithstanding the deduction allowed pursuant to Section 12-6-1171(A)(1), beginning in tax year 2016, the amount of the deduction shall be five thousand nine hundred dollars, and it shall increase by two thousand nine hundred dollars every year, until it is completely phased in in 2020. Notwithstanding the deduction allowed pursuant to Section 12-6-1171(A)(2), beginning in tax year 2016, the amount of the deduction shall be eighteen thousand dollars, and it shall increase by three thousand dollars every year, until it is completely phased in in 2020."
SC Code § 12-6-1175 (2021)
2021 South Carolina Code of Laws|Title 12 - Taxation|Chapter 6 - South Carolina Income Tax Act|Section 12-6-1175. Wages paid to unauthorized alien; business expense deduction disallowed.

 (A) As used in this section:  (1) "Unauthorized alien" means an unauthorized alien as defined by 8 USC Section 1324A(h)(3).  (2) "Labor services" means the physical performance of services in this State.  (B) On or after January 1, 2009, no wages or remuneration for labor services to an individual of six hundred dollars or more per annum may be claimed and allowed as a deductible business expense for state income tax purposes by a taxpayer if the individual is an unauthorized alien. The provisions of this subsection shall apply whether or not an Internal Revenue Service Form 1099 is issued in conjunction with the wages or remuneration.  (C) This section shall not apply to a business domiciled in this State that is exempt from compliance with federal employment verification procedures under federal law.  (D) This section shall not apply to an individual hired by the taxpayer prior to January 1, 2009.  (E) This section shall not apply to a taxpayer where the individual being paid is not directly compensated or employed by said taxpayer.  (F) This section shall not apply to wages or remuneration paid for labor services to any individual whose employment authorization status was verified in accordance with the provisions of Section 41-8-20.  (G) A taxpayer must not be held liable for failing to comply with the provisions of this section, if, based on a reasonable investigation of the individual, the taxpayer did not know or should not have known that the individual was an unauthorized alien. For purposes of this subsection, a taxpayer shall be deemed to have conducted a reasonable investigation if the individual met the requirements of subsection (F), and the information provided by the individual to the taxpayer was facially correct.  (H) The Director of the South Carolina Department of Revenue is authorized to prescribe forms and promulgate regulations deemed necessary in order to administer and effectuate this section in accordance with the provisions of Chapter 23 of Title 1 of the South Carolina Code of Laws.  (I) The Director of the Department of Revenue shall send written notice of this section to all South Carolina employers no later than July 1, 2008.  HISTORY: 2008 Act No. 280, Section 7, eff June 4, 2008.
SC Code § 12-6-1190 (2021)
2021 South Carolina Code of Laws|Title 12 - Taxation|Chapter 6 - South Carolina Income Tax Act|Section 12-6-1190. Cost recovery of retirement benefits from retirement systems maintained by the State or its political subdivisions.

 Retirees receiving benefits from the various state retirement systems or any other retirement plan maintained by a political subdivision of this State who have recovered all or a part of their recoverable costs in their retirement benefits for federal income tax purposes before January 1, 1989, are considered to have recovered those costs for purposes of the state income tax. For taxable years beginning after 1988, cost recovery of these retirement benefits is the same for both state and federal income tax purposes.  HISTORY: 1995 Act No. 76, Section 1.
SC Code § 12-6-1200 (2021)
2021 South Carolina Code of Laws|Title 12 - Taxation|Chapter 6 - South Carolina Income Tax Act|Section 12-6-1200. Exclusion from taxable income of amounts excluded from federal income tax by United States treaty.

 South Carolina taxable income does not include amounts excluded from federal income tax by reason of a treaty of the United States.  HISTORY: 1995 Act No. 76, Section 1.
SC Code § 12-6-1220 (2021)
2021 South Carolina Code of Laws|Title 12 - Taxation|Chapter 6 - South Carolina Income Tax Act|Section 12-6-1220. Individual Development Account.

 Families on AFDC and those not receiving welfare but whose household income falls below one hundred eighty-five percent of the federal poverty level may own an Individual Development Account. Contributions to and interest on these accounts are tax free, and a recipient may accrue up to ten thousand dollars in the account. Withdrawals used for education or job training or to start a business or to purchase a home are tax free. Withdrawals for other purposes are not tax free.  The State shall seek a waiver from the federal government providing that no lump sum payment of ten thousand dollars or less deposited in an Individual Development Account within thirty days of receipt will make the family ineligible for receipt of AFDC.  HISTORY: 1995 Act No. 102, Part IV, Section 4.
SC Code § 12-6-1610 (2021)
2021 South Carolina Code of Laws|Title 12 - Taxation|Chapter 6 - South Carolina Income Tax Act|Section 12-6-1610. Definitions.

 As used in this article:  (1) "Qualified catastrophe expenses" mean expenses paid or incurred by reason of a major disaster that has been declared by the Governor to be an emergency by executive order.  (2) "Qualified deductible" means the deductible for the individual's homeowner's policy for a taxpayer's legal residence.  (3) "Legal residence" means the taxpayer's legal residence pursuant to Section 12-43-220(c).  HISTORY: 2007 Act No. 78, Section 2, eff June 11, 2007, applicable to taxable years beginning after December 31, 2006.
SC Code § 12-6-1620 (2021)
2021 South Carolina Code of Laws|Title 12 - Taxation|Chapter 6 - South Carolina Income Tax Act|Section 12-6-1620. "Catastrophe Savings Account" defined; exemptions allowed; contributable amount; attachment and garnishment.

 (A)(1) An individual taxpayer is allowed a deduction from the tax imposed pursuant to Section 12-6-510 for amounts contributed to a Catastrophe Savings Account in accordance with subsection (B)(3); and  (2) all interest income earned by the Catastrophe Savings Account is exempt from the tax imposed pursuant to Section 12-6-510 as provided in this article.  (B)(1) As used in this article, "Catastrophe Savings Account" means a regular savings account or money market account established by an insurance policyholder for residential property in this State to cover an insurance deductible under an insurance policy for the taxpayer's legal residence property that covers hurricane, rising floodwaters, or other catastrophic windstorm event damage or by an individual to cover self-insured losses for the taxpayer's legal residence from a hurricane, rising floodwaters, or other catastrophic windstorm event. The account must be labeled as a Catastrophe Savings Account in order to qualify as a Catastrophe Savings Account as defined in this article. A taxpayer shall establish only one Catastrophe Savings Account and shall specify that the purpose of the account is to cover the amount of insurance deductibles and other uninsured portions of risks of loss from hurricane, rising floodwater, or other catastrophic windstorm event.  (2) A Catastrophe Savings Account is not subject to attachment, levy, garnishment, or legal process in this State.  (3) The total amount that may be contributed to a Catastrophe Savings Account must not exceed:  (a) in the case of an individual whose qualified deductible is less than or equal to one thousand dollars, two thousand dollars;  (b) in the case of an individual whose qualified deductible is greater than one thousand dollars, the amount equal to the lesser of fifteen thousand dollars or twice the amount of the taxpayer's qualified deductible; or  (c) in the case of a self-insured individual who chooses not to obtain insurance on his legal residence, two hundred fifty thousand dollars, but shall not exceed the value of the individual taxpayer's legal residence.  (4) If a taxpayer contributes in excess of the limits provided in item (3), the taxpayer shall withdraw the amount of the excess contributions and include that amount in South Carolina income for purposes of Section 12-6-510 in the year of withdrawal.  HISTORY: 2007 Act No. 78, Section 2, eff June 11, 2007, applicable to taxable years beginning after December 31, 2006.
SC Code § 12-6-1630 (2021)
2021 South Carolina Code of Laws|Title 12 - Taxation|Chapter 6 - South Carolina Income Tax Act|Section 12-6-1630. Taxation of distributions or at death of account owner.

 (A) A distribution from a Catastrophe Savings Account must be included in the income of the taxpayer unless the amount of the distribution is used to cover qualified catastrophe expenses.  (B) No amount is included in income, pursuant to subsection (A) of this section, if the qualified catastrophe expenses of the taxpayer during the taxable year are equal to or greater than the aggregate distributions during the taxable year.  (C) If aggregate distributions exceed the qualified catastrophe expenses during the taxable year, the amount otherwise included in income must be reduced by the amount of the distributions for qualified catastrophe expenses.  (D)(1) The tax paid pursuant to Section 12-6-510 attributable to a taxable distribution must be increased by two and one-half percent of the amount which is includable in income.  (2) This additional tax does not apply if the:  (a) taxpayer no longer owns a legal residence that qualifies under Section 12-43-220(C); or  (b) distribution is from an account conforming with Section 12-6-1620(B)(3)(c) and is made on or after the date on which the taxpayer attains the age of seventy.  (E)(1) No amount is includable in taxable income, pursuant to subsection (A) of this section, if the distribution is from an account conforming with Section 12-6-1620(B)(3)(a) or (b) and is made on or after the date on which the taxpayer attains the age of seventy.  (2) If a taxpayer receives a nontaxable distribution under this subsection, the taxpayer must not make further contributions to any Catastrophe Savings Account.  (F) If a taxpayer who owns a Catastrophe Savings Account dies, his account is included in the income of the person who receives the account, unless that person is the surviving spouse of the taxpayer. Upon the death of the surviving spouse, the account is included in the income of the person who receives the account. The additional tax in subsection (D) does not apply to distribution on death of the taxpayer or the surviving spouse.  HISTORY: 2007 Act No. 78, Section 2, eff June 11, 2007, applicable to taxable years beginning after December 31, 2006.
SC Code § 12-6-1710 (2021)
2021 South Carolina Code of Laws|Title 12 - Taxation|Chapter 6 - South Carolina Income Tax Act|Section 12-6-1710. Taxation of part-year resident.

 An individual who is a part-year resident of South Carolina may:  (1) report and compute South Carolina tax as if the individual was a resident for the entire year and use the credit provided in Section 12-6-3400; or  (2) report and compute South Carolina tax as a nonresident individual as provided in Section 12-6-1720, except that for purposes of this computation, South Carolina taxable income for that period during which the individual was a resident includes all items of income, gain, loss, or deductions that a resident would be required to include under Section 12-6-560.  HISTORY: 1995 Act No. 76, Section 1.