Income/Franchise Tax South Carolina: New law updates Internal Revenue Code conformity date; decouples from IRC §108(i)

S.B. 1174, signed by gov. 3/31/10. Effective immediately, new law generally updates corporate and personal income tax statutory references to the Internal Revenue Code (IRC), referring to the federal law in effect as amended through December 31, 2009 (previously December 31, 2008).

The law also specifically decouples from the deferral of recognition of income from discharge of certain business indebtedness as enacted by the federal American Recovery and Reinvestment Act of 2009 under Internal Revenue Code Sec. 108(i).