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S. 140
STATUS INFORMATION
General Bill
Sponsors: Senators Campsen, Ryberg and Fair
Document Path: l:\council\bills\nbd\11056htc11.docx
Introduced in the Senate on January 11, 2011
Currently residing in the Senate Committee on Finance
Summary: S.C. Capital Gains Tax Elimination Act
HISTORY OF LEGISLATIVE ACTIONS
Date Body Action Description with journal page number ------------------------------------------------------------------------------- 12/1/2010 Senate Prefiled 12/1/2010 Senate Referred to Committee on Finance 1/11/2011 Senate Introduced and read first time (Senate Journal-page 69) 1/11/2011 Senate Referred to Committee on Finance (Senate Journal-page 69)
View the latest legislative information at the LPITS web site
VERSIONS OF THIS BILL
TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, SO AS TO ENACT THE "SOUTH CAROLINA CAPITAL GAINS TAX ELIMINATION ACT" BY AMENDING SECTION 12-6-1150, AS AMENDED, RELATING TO THE DEDUCTION ALLOWED FOR A PORTION OF NET CAPITAL GAINS INCLUDED IN THE OTHERWISE TAXABLE INCOME OF INDIVIDUALS, ESTATES, AND TRUSTS, SO AS TO INCREASE THE DEDUCTION ALLOWED FROM FORTY-FOUR PERCENT TO ONE HUNDRED PERCENT OF THE NET CAPITAL GAIN AND TO PHASE IN THIS INCREASE OVER TEN YEARS.
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 Gains Tax Elimination Act".
SECTION 2. Section 12-6-1150 of the 1976 Code, as last amended by Act 387 of 2000, is further amended to read:
"Section 12-6-1150. (A) Individuals, estates, and trusts are allowed a deduction from South Carolina taxable income equal to forty-four percent a percentage of net capital gain recognized in this State during a taxable year as provided in subsection (C) of this section. 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 Internal Revenue Code, Section 1222 and related sections.
(C) The deduction allowed pursuant to this section is as follows:
Taxable years beginning in: Net Capital Gain Percentage
deduction allowed
2011 49.6
2012 55.2
2013 60.8
2014 66.4
2015 72.0
2016 77.6
2017 83.2
2018 88.8
2019 94.4
2020 and after 100"
SECTION 3. This act takes effect upon approval by the Governor and applies for taxable years beginning after 2010.
This web page was last updated on Tuesday, December 10, 2013 at 9:57 A.M.