South Carolina Section 179 Limits May Require 2010 Amended Return
Section 522 was signed by the Governor and is effective on April 12, 2011.
With the enactment of Section 522, South Carolina now recognizes many important changes made to the Internal Revenue Code in 2010, including increases in Section 179 expensing.
This conformity with the federal law may affect South Carolina taxpayers if:
- A 2010 return is already filed,
- Assets were placed in service during 2010, and
- Exceeded the old South Carolina Section 179 limits.
The old South Carolina Section 179 limits were $134,000 for the deduction and $530,000 for the threshold. The new limits are $500,000 and $2,000,000, respectively.
If you already filed a return using TurboTax Business and you wish to receive the benefit of the increased Section 179 limits, you must file an amended return.