During this legislative cycle, SCACPA has championed and supported several bills for the good of the CPA profession and the South Carolina business community. As the two-year cycle heads to a close in May, we expect a flurry of news regarding our key bills.
- Federal Tax Conformity (H. 4594) was found favorable by the Senate Finance Committee last week. It now moves to the full Senate for its second and third readings, then to the Governor’s desk after House ratification.
- The Delinquent Unemployment Compensation Tax Rates bill (H. 3992) has completed the legislative process and now heads to the Governor’s desk for signing. This bill proposes a solution to organizations that are in arrears with their unemployment insurance. Currently, the statutory requirement requires an application of funds to the oldest debt and maintaining the highest rates until all debts are paid. This creates a penalty cycle that needs to be addressed. The proposed legislation provides for statutory adjustments that take agreed-upon payment plans into account, allowing adjustments to the rate and payment allocation.
- The LIFE Scholarships bill (H. 4467) was added to Senate Bill 125. This bill would amend the law to include accounting majors in the list of qualifying majors for LIFE Scholarship stipends. This would be a significant step forward in adopting accounting as a STEM subject, opening the door for accounting students to receive enhanced financial support.
Here is the most up-to-date information regarding SCACPA’s legislative agenda. Thank you for your ongoing membership, which helps support these initiatives!
