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H. 4511
STATUS INFORMATION
General Bill
Sponsors: Rep. Stavrinakis
Document Path: l:\council\bills\nbd\11967dg12.docx
Introduced in the House on January 10, 2012
Currently residing in the House Committee on Ways and Means
Summary: Net Capital Gain
HISTORY OF LEGISLATIVE ACTIONS
Date Body Action Description with journal page number
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12/6/2011 House Prefiled
12/6/2011 House Referred to Committee on Ways and Means
1/10/2012 House Introduced and read first time (House Journal-page 66)
1/10/2012 House Referred to Committee on Ways and Means
(House Journal-page 66)
View the latest legislative information at the LPITS web site
VERSIONS OF THIS BILL
TO AMEND SECTION 12-6-1150, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO NET CAPITAL GAIN, SO AS TO ALLOW A ONE HUNDRED PERCENT DEDUCTION OF NET CAPITAL GAIN RECOGNIZED IN THIS STATE IF THE NET CAPITAL GAIN RESULTS FROM A REAL ESTATE TRANSACTION.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 12-6-1150 of the 1976 Code, as last amended by Act 387 of 2000, is further amended by adding an appropriately numbered subsection at the end to read:
"( ) Notwithstanding any other provision of this section, individuals, estates, and trusts are allowed a deduction from South Carolina taxable income equal to one hundred percent percent of net capital gain recognized in this State during a taxable year if the net capital gain results from a real estate transaction. 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."
SECTION 2. This act takes effect upon approval by the Governor and applies to taxable years beginning after December 31, 2011.
This web page was last updated on Tuesday, December 10, 2013 at 10:27 A.M.