Current Status Bill Number:3082 Type of Legislation:General Bill GB Introducing Body:House Introduced Date:19950110 Primary Sponsor:Cromer All Sponsors:Cromer, Inabinett, A. Young, Haskins, Bailey, Marchbanks, Lloyd, Cato, J. Brown, Allison, Wilder, Baxley, Harvin, Witherspoon, Vaughn, Delleney, Simrill, Walker, Tripp, Keyserling, Meacham, Elliott, Fleming, Moody-Lawrence, Kelley, Richardson, Stuart, Sandifer and Mason Drafted Document Number:GJK\21168SD.95 Residing Body:House Current Committee:Ways and Means Committee 30 HWM Subject:Income tax deductions, aging
Body Date Action Description Com Leg Involved
______ ________ _______________________________________ _______ ____________
House 19950110 Introduced, read first time, 30 HWM
referred to Committee
House 19941214 Prefiled, referred to Committee 30 HWM
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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 INCREASE FROM THREE THOUSAND TO SIX THOUSAND DOLLARS THE MAXIMUM AMOUNT OF RETIREMENT INCOME A TAXPAYER AT LEAST SIXTY-TWO YEARS OF AGE MAY DEDUCT FROM TAXABLE INCOME.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 12-7-435(k)(1) of the 1976 Code is amended to read:
"(k) (1) Beginning with the taxable year in which a taxpayer first receives retirement income, the taxpayer may:
(A) deduct his retirement income in an amount not to exceed three thousand dollars annually and upon attaining the age of sixty-two may deduct an amount not exceeding six thousand dollars annually; or
(B) elect irrevocably to defer claiming a retirement income deduction until the taxable year the taxpayer attains the age of sixty-five years, at which time the taxpayer may deduct his retirement income in an amount not to exceed ten thousand dollars annually."
SECTION 2. This act takes effect upon approval by the Governor.