Current Status Introducing Body:Senate Bill Number:1050 Primary Sponsor:Passailaigue Committee Number:06 Type of Legislation:GB Subject:Income tax, college athletic scholarships Residing Body:Senate Current Committee:Finance Computer Document Number:1050 Introduced Date:Sep 23, 1991 Last History Body:Senate Last History Date:Sep 23, 1991 Last History Type:Introduced, read first time, referred to Committee Scope of Legislation:Statewide All Sponsors:Passailaigue Type of Legislation:General Bill
Bill Body Date Action Description CMN
---- ------ ------------ ------------------------------ ---
1050 Senate Sep 23, 1991 Introduced, read first time, 06
referred to Committee
View additional legislative information at the LPITS web site.
TO AMEND SECTION 12-7-430, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO INCOME TAXATION, SO AS TO EXEMPT FROM INCOME TAXATION INCOME RECEIVED AS SCHOLARSHIPS AND TO EXEMPT FROM INCOME TAXATION TELEVISION AND ADVERTISING EARNINGS OF INSTITUTIONS OF HIGHER LEARNING FROM ATHLETIC EVENTS.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 12-7-430 is amended by adding new items to read:
"( ) South Carolina gross income does not include gross income received as a qualified scholarship authorized by Internal Revenue Code Section 117 as amended through December 31, 1985.
( ) South Carolina gross income does not include gross income received by public and private institutions of higher learning from television and advertising revenue from athletic events."
SECTION 2. Upon signature of the Governor, provisions of this act shall take effect for tax years after December 31, 1991.