Current Status Bill Number:3538 Type of Legislation:General Bill GB Introducing Body:House Introduced Date:19970226 Primary Sponsor:Clyburn All Sponsors:Clyburn, Cromer, T. Brown and J. Brown Drafted Document Number:gjk\20170sd.97 Residing Body:House Current Committee:Ways and Means Committee 30 HWM Subject:Income tax deduction, retirement income; maximum deduction amount increased, Taxation, Aging
Body Date Action Description Com Leg Involved
______ ________ _______________________________________ _______ ____________
House 19970226 Introduced, read first time, 30 HWM
referred to Committee
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TO AMEND SECTION 12-6-1170, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO DEDUCTIONS FROM SOUTH CAROLINA TAXABLE INCOME, SO AS TO INCREASE FROM THREE THOUSAND DOLLARS TO SIX THOUSAND DOLLARS THE MAXIMUM AMOUNT OF RETIREMENT INCOME WHICH MAY BE DEDUCTED FROM TAXABLE INCOME BY A TAXPAYER OVER AGE SIXTY-FIVE MAKING A CERTAIN ELECTION.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 12-6-1170(1) of the 1976 Code, as added by Act 76 of 1995, is amended to read:
"(1) For taxable years after 1992, and beginning on the first taxable year a taxpayer receives retirement income, the taxpayer may:
(a) deduct up to three thousand dollars of retirement income and upon attaining the age of sixty-five deduct up to six thousand dollars of retirement income that is included in South Carolina taxable income; or
(b) irrevocably elect to defer the annual retirement income deduction until the taxable year in which the taxpayer reaches age sixty-five. Beginning in the year in which the taxpayer reaches age sixty-five, the taxpayer may deduct up to ten thousand dollars of retirement income that is included in South Carolina taxable income."
SECTION 2. This act takes effect upon approval by the Governor.