Current Status Introducing Body:Senate Bill Number:366 Primary Sponsor:Giese Committee Number:06 Type of Legislation:GB Subject:Income tax deductions, limitations on retired Residing Body:Senate Current Committee:Finance Computer Document Number:366 Introduced Date:Jan 08, 1991 Last History Body:Senate Last History Date:Jan 08, 1991 Last History Type:Introduced and read first time, referred to Committee Scope of Legislation:Statewide All Sponsors:Giese Rose Type of Legislation:General Bill
Bill Body Date Action Description CMN
---- ------ ------------ ------------------------------ ---
366 Senate Jan 08, 1991 Introduced and read first 06
time, referred to Committee
366 Senate Dec 10, 1990 Prefiled, referred to 06
Committee
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TO AMEND SECTION 12-7-435, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO DEDUCTIONS FROM SOUTH CAROLINA TAXABLE INCOME, SO AS TO DELETE CERTAIN AGE LIMITATIONS BEFORE A PARTICULAR DEDUCTION MAY BE TAKEN AND TO PROVIDE THAT WHEN A RETIRED PERSON OR HIS SURVIVING SPOUSE, IF APPLICABLE, ATTAINS THE AGE OF SIXTY-TWO CERTAIN THREE THOUSAND DOLLAR DEDUCTIONS ARE INCREASED TO SIX THOUSAND DOLLARS AND, UPON ATTAINING THE AGE OF SIXTY-FIVE, ARE INCREASED TO NINE THOUSAND DOLLARS.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 12-7-435(c) of the 1976 Code is amended to read:
"(c) Any A retired person, or his surviving spouse, who attains the age of sixty-five before the close of the taxable year and who receives income under one or more qualified pension programs is allowed to deduct from taxable income three thousand dollars of the pension income received in each taxable year. If the pension income also qualifies for a deduction from taxable income under the provisions of items item (a) or (b) of this section, no deduction from taxable income is permitted under the provisions of this item."
SECTION 2. Section 12-7-435 of the 1976 Code, as last amended by Act 189 of 1989, is further amended by adding a new item appropriately numbered to read:
"( ) When a retired person or his surviving spouse, if applicable, attains the age of sixty-two before the close of a particular taxable year, the three thousand dollar deduction allowed by items (a), (b), (c), (d), and (e) is increased to six thousand dollars and, upon attaining the age of sixty-five, is increased to nine thousand dollars."
SECTION 3. This act takes effect January 1, 1991.