Current Status Bill Number:4652 Type of Legislation:General Bill GB Introducing Body:House Introduced Date:19980218 Primary Sponsor:Edge All Sponsors:Edge Drafted Document Number:pt\1494mm.98 Residing Body:House Current Committee:Ways and Means Committee 30 HWM Subject:Income tax credit, retirement plan contributions paid to another state when contributed to account; Retirement Systems
Body Date Action Description Com Leg Involved
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House 19980218 Introduced, read first time, 30 HWM
referred to Committee
View additional legislative information at the LPITS web site.
TO AMEND SECTION 12-6-3400, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO INCOME TAX CREDIT FOR A SOUTH CAROLINA RESIDENT FOR TAX PAID TO ANOTHER STATE, SO AS TO ALLOW A CREDIT FOR TAX PAID IN ANOTHER STATE ON FUNDS CONTRIBUTED TO A RETIREMENT ACCOUNT WHEN THIS STATE'S TAX BECOMES DUE UPON WITHDRAWAL OF THOSE FUNDS FROM THE RETIREMENT ACCOUNT.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 12-6-3400 of the 1976 Code, as added by Act 76 of 1995, is amended by adding:
"(D)(1) A resident individual is allowed a credit against taxes imposed by this chapter for income taxes on funds withdrawn from a retirement account when taxes on those funds were paid to another state before their contribution to the retirement account.
(2) A copy of the income tax return filed with the other state or other official documentation satisfactory to the department, must be filed with the South Carolina return at the time credit is claimed."
SECTION 2. This act takes effect upon approval by the Governor.