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Current Status Bill Number:View additional legislative information at the LPITS web site.719 Type of Legislation:General Bill GB Introducing Body:Senate Introduced Date:20010529 Primary Sponsor:Wilson All Sponsors:Wilson Drafted Document Number:l:\council\bills\bbm\10442htc01.doc Companion Bill Number:3007 Residing Body:Senate Current Committee:Finance Committee 06 SF Subject:Income tax credit for taxpayer of dependent on tuition, certain educational equipment and books; Taxation, Colleges History Body Date Action Description Com Leg Involved ______ ________ ______________________________________ _______ ____________ ------ 20010605 Companion Bill No. 3007 Senate 20010529 Introduced, read first time, 06 SF referred to Committee Versions of This Bill
TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 12-6-3505 SO AS TO ALLOW A TAX CREDIT AGAINST THE SOUTH CAROLINA INCOME TAX LIABILITY OF A RESIDENT INDIVIDUAL FOR TUITION PAID BY THE TAXPAYER OR PURCHASES OF COMPUTER HARDWARE, EDUCATIONAL SOFTWARE, AND BOOKS MADE BY THE TAXPAYER ON BEHALF OF A DEPENDENT CLAIMED BY THE TAXPAYER ON THE TAXPAYER'S FEDERAL INCOME TAX RETURN; TO LIMIT THE CREDIT TO ONE THOUSAND DOLLARS FOR EACH DEPENDENT; TO PROVIDE THAT TUITION FOR WHICH THE CREDIT MAY BE CLAIMED AND THE AGE LIMIT ON THE STUDENT FOR WHICH THE COMPUTER HARDWARE, SOFTWARE, OR BOOK PURCHASES ARE MADE; TO ALLOW A FIVE-YEAR CARRYFORWARD FOR UNUSED CREDIT; AND TO AUTHORIZE THE DEPARTMENT OF REVENUE TO REQUIRE APPROPRIATE DOCUMENTATION.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Article 25, Chapter 6, Title 12 of the 1976 Code is amended by adding:
"Section 12-6-3505. A resident individual taxpayer (1) who pays preschool, kindergarten, primary, or secondary school tuition on behalf of a dependent claimed by the taxpayer on the taxpayer's federal income tax return, or (2) who purchases computer hardware, educational software, or books used in the schooling of a dependent under the age of nineteen claimed by the taxpayer on the taxpayer's federal income tax return, is allowed a credit against the tax imposed pursuant to Section 12-6-510 for the applicable tuition paid or purchases made on behalf of each dependent claimed not to exceed one thousand dollars a dependent in a taxable year. Unused credit may be carried forward for the five succeeding taxable years. The department may require appropriate documentation for claiming the credit."
SECTION 2. Upon approval by the Governor, this act is effective for taxable years beginning after 2000.
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