Download This Bill in Microsoft Word format

Bill 3326

                    Current Status

Bill Number:                      3326
Type of Legislation:              General Bill GB
Introducing Body:                 House
Introduced Date:                  19990121
Primary Sponsor:                  W. McLeod
All Sponsors:                     W. McLeod
Drafted Document Number:          l:\council\bills\kgh\15196htc99.doc
Residing Body:                    House
Current Committee:                Ways and Means Committee 30 HWM
Subject:                          Retirement income, income tax deduction 
                                  for certain aging persons; Taxation, 
                                  Retirement Systems and Pensions


                        History

Body    Date      Action Description                     Com     Leg Involved
______  ________  ______________________________________ _______ ____________
House   19990121  Introduced, read first time,           30 HWM
                  referred to Committee


                             Versions of This Bill

TO AMEND SECTION 12-6-1170, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE RETIREMENT INCOME DEDUCTION AND THE TAXABLE INCOME DEDUCTION ALLOWED INDIVIDUAL TAXPAYERS WHO HAVE OBTAINED AGE SIXTY-FIVE, SO AS TO INCREASE THE TAXABLE INCOME DEDUCTION ALLOWED INDIVIDUAL TAXPAYERS WHO HAVE ATTAINED AGE SIXTY-FIVE FROM ELEVEN THOUSAND FIVE HUNDRED DOLLARS TO TWENTY-THREE THOUSAND DOLLARS.

Be it enacted by the General Assembly of the State of South Carolina:

SECTION 1. Section 12-6-1170(B) of the 1976 Code, as last amended by Section 49 I.B., Part II, Act 419 of 1998, is further amended to read:

"(B) Beginning for the taxable year during which a resident individual taxpayer attains the age of sixty-five years, the resident individual taxpayer is allowed a deduction from South Carolina taxable income received in an amount not to exceed eleven twenty-three thousand five hundred dollars reduced by any amount the taxpayer deducts pursuant to subsection (A) not including amounts deducted as a surviving spouse. If married taxpayers eligible for this deduction file a joint federal income tax return, then the maximum deduction allowed is eleven twenty-three thousand five hundred dollars in the case when only one spouse has attained the age of sixty-five years and twenty-three forty-six thousand dollars when both spouses have attained such age."

SECTION 2. This act takes effect upon approval by the Governor and first applies for taxable years beginning after 1998.

This web page was last updated on Wednesday, December 9, 2009 at 9:13 A.M.