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Bill 4728

                    Current Status

Bill Number:                      4728
Type of Legislation:              General Bill GB
Introducing Body:                 House
Introduced Date:                  20000302
Primary Sponsor:                  Campsen
All Sponsors:                     Campsen, Quinn, Easterday, Hamilton, 
                                  Loftis, Lucas, Neilson, Robinson, Lourie, J. 
                                  Smith
Drafted Document Number:          l:\council\bills\bbm\9317htc00.doc
Residing Body:                    House
Current Committee:                Ways and Means Committee 30 HWM
Subject:                          Capital Gain Holding Period Reform Act, 
                                  Taxation, Income tax deduction, two year 
                                  holding period requirement deleted


                        History

Body    Date      Action Description                     Com     Leg Involved
______  ________  ______________________________________ _______ ____________
House   20000318  Co-Sponsor added (Rule 5.2) by Rep.            Lourie
                                                                 J. Smith
House   20000302  Introduced, read first time,           30 HWM
                  referred to Committee


              Versions of This Bill

TO ENACT THE SOUTH CAROLINA CAPITAL GAIN HOLDING PERIOD REFORM ACT BY AMENDING SECTION 12-6-1150, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE STATE INCOME TAX DEDUCTION FOR A PORTION OF NET CAPITAL GAIN, SO AS TO ELIMINATE THE SEPARATE STATE HOLDING PERIOD OF TWO YEARS TO QUALIFY FOR THE DEDUCTION, REQUIRE THE HOLDING PERIOD FOR THE STATE DEDUCTION TO CONFORM TO THE FEDERAL HOLDING PERIOD FOR LONG-TERM CAPITAL GAIN, AND TO DELETE OBSOLETE LANGUAGE.

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

SECTION 1. This act may be cited as the South Carolina Capital Gain Holding Period Reform Act.

SECTION 2. Section 12-6-1150 of the 1976 Code, as added by Act 76 of 1995, is amended to read:

"Section 12-6-1150. (A) Individuals, estates, and trusts are allowed a deduction from South Carolina taxable income equal to twenty-nine forty-four percent of net capital gain recognized in this State during a taxable years year beginning in 1991, 1992, 1993, or 1994 and forty-four percent for taxable years beginning after 1994. In the case of estates and trusts, the deduction is applicable only to income taxed to the estate or trust or individual beneficiaries and not income passed through to nonindividual beneficiaries.

(B)(1) South Carolina income includes capital gains and losses from partnerships and 'S' Corporations.

(2) Net capital gain is as defined in the Internal Revenue Code, as amended through December 31, 1988, except that the required holding period is two or more years Section 1222 and related sections."

SECTION 3. This act takes effect upon approval by the Governor and applies for taxable years beginning after 1999.

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