South Carolina General Assembly
120th Session, 2013-2014

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Indicates Matter Stricken
Indicates New Matter

S. 1083

STATUS INFORMATION

General Bill
Sponsors: Senators Jackson and Alexander
Document Path: l:\council\bills\bh\26099dg14.docx

Introduced in the Senate on March 5, 2014
Currently residing in the Senate Committee on Finance

Summary: Income tax credit

HISTORY OF LEGISLATIVE ACTIONS

     Date      Body   Action Description with journal page number
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    3/5/2014  Senate  Introduced and read first time (Senate Journal-page 3)
    3/5/2014  Senate  Referred to Committee on Finance (Senate Journal-page 3)

View the latest legislative information at the website

VERSIONS OF THIS BILL

3/5/2014

(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, BY ADDING SECTION 12-6-3790 SO AS TO PROVIDE AN INCOME TAX CREDIT TO A TAXPAYER THAT CLAIMS A DEDUCTION ON HIS FEDERAL RETURN FOR A CHARITABLE CONTRIBUTION OF APPARENTLY WHOLESOME FOOD FROM ANY TRADE OR BUSINESS OF THE TAXPAYER, AND TO PROVIDE THAT THE CREDIT EQUALS TEN PERCENT OF THE DEDUCTION.

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 12-6-3790.    In any taxable year in which a taxpayer claims a deduction on his federal return for a charitable contribution of apparently wholesome food from any trade or business of the taxpayer, then the taxpayer also may claim a refundable income tax credit equal to ten percent of the deduction. In the case of a taxpayer whose business is not conducted entirely within this State, the amount of the deduction must be apportioned, as provided by law, and the credit calculated based on the apportioned deduction. For purposes of this section, 'apparently wholesome food' has the same meaning as provided in 26 U.S.C. Section 170."

SECTION    2.    This act takes effect upon approval by the Governor and applies to tax years beginning after 2013.

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This web page was last updated on March 7, 2014 at 10:05 AM