South Carolina CPAs received two significant legislative wins this past week. South Carolina Governor Henry McMaster (R) signed two bills into law that positively impact the CPA profession in South Carolina.
The first law signed is Senate Bill 812, the CPA Practice Act. After several years of consistent advocacy and support from several leaders in the profession and relevant stakeholders, S812 significantly modified the Practice Act to achieve several goals, including tightening definitions, transparency for the Board of Accountancy, and removing barriers to licensure in the state. The bill included nearly 40 updates to the code. In drafting this bill, SCACPA conferred with several organizations and stakeholders, including NASBA, AICPA, Educators, SC Citizens, the business community, and, of course, CPAs.
Find more details about the bill.
Additionally, Gov. McMaster signed House Bill 5057, commonly known as Conformity. This bill updates the internal revenue code to state income tax laws to align with federal laws. Each year, SCACPA ushers a conformity bill through the legislative process to ensure that SC’s income tax code is in concert with changes in the federal tax code.
The signing of two major bills in one-half of the SC legislative season is a solid victory for SC CPAs. SCACPA proudly advocates for the protection and promotion of the CPA profession in South Carolina, and theses successes are the results of those efforts.