South Carolina General Assembly
119th Session, 2011-2012

Download This Bill in Microsoft Word format

Indicates Matter Stricken
Indicates New Matter

S. 1142

STATUS INFORMATION

General Bill
Sponsors: Senators Hutto and Land
Document Path: l:\council\bills\nbd\12057dgrey12.docx

Introduced in the Senate on January 25, 2012
Currently residing in the Senate Committee on Finance

Summary: Mitt Romney Lottery Winnings Fairness Act

HISTORY OF LEGISLATIVE ACTIONS

     Date      Body   Action Description with journal page number
-------------------------------------------------------------------------------
   1/25/2012  Senate  Introduced and read first time (Senate Journal-page 4)
   1/25/2012  Senate  Referred to Committee on Finance (Senate Journal-page 4)

View the latest legislative information at the LPITS web site

VERSIONS OF THIS BILL

1/25/2012

(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

A BILL

TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, SO AS TO ENACT THE 'MITT ROMNEY LOTTERY WINNINGS FAIRNESS ACT', BY ADDING SECTION 12-6-650 SO AS TO CONSIDER LOTTERY WINNINGS TO BE PASSIVE INCOME AND TO TAX LOTTERY WINNINGS AT THE RATE OF FIVE PERCENT.

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

SECTION    1.    This act shall be referred to as the 'Mitt Romney Lottery Winnings Fairness Act'.

SECTION    2.    Article 5, Chapter 6, Title 12 of the 1976 Code is amended by adding:

"Section 12-6-650.    Notwithstanding any other provision of law, for tax years beginning after 2011, lottery winnings shall be considered passive income for purposes of South Carolina taxable income, and shall be taxed at the rate of five percent."

SECTION    3.    This act takes effect upon approval by the Governor.

----XX----

This web page was last updated on Tuesday, December 10, 2013 at 10:07 A.M.