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Indicates Matter Stricken
Indicates New Matter
Sponsors: Reps. G.M. Smith and Daning
Document Path: l:\council\bills\bbm\10772htc13.docx
Companion/Similar bill(s): 3110
Introduced in the House on January 8, 2013
Currently residing in the House Committee on Ways and Means
Summary: Military income tax deductions
HISTORY OF LEGISLATIVE ACTIONS
Date Body Action Description with journal page number ------------------------------------------------------------------------------- 12/11/2012 House Prefiled 12/11/2012 House Referred to Committee on Ways and Means 1/8/2013 House Introduced and read first time (House Journal-page 89) 1/8/2013 House Referred to Committee on Ways and Means (House Journal-page 89)
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VERSIONS OF THIS BILL
TO AMEND SECTION 12-6-1140, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO DEDUCTIONS FROM SOUTH CAROLINA TAXABLE INCOME OF INDIVIDUALS FOR PURPOSES OF THE SOUTH CAROLINA INCOME TAX ACT, SO AS TO ALLOW THE DEDUCTION OF RETIREMENT BENEFITS ATTRIBUTABLE TO SERVICE ON ACTIVE DUTY IN THE ARMED FORCES OF THE UNITED STATES; AND TO AMEND SECTION 12-6-1170, AS AMENDED, RELATING TO THE RETIREMENT INCOME DEDUCTION, SO AS TO CONFORM THIS DEDUCTION TO THE MILITARY RETIREMENT DEDUCTION ALLOWED BY THIS ACT.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 12-6-1140 of the 1976 Code, as last amended by Act 353 of 2008, is further amended by adding an appropriately numbered new item at the end to read:
"( ) military retirement benefits attributable to service on active duty in the armed forces of the United States;"
SECTION 2. Section 12-6-1170(A)(2) of the 1976 Code is amended to read:
"(2) The term 'retirement income', as used in this subsection, means the total of all otherwise taxable income not subject to a penalty for premature distribution received by the taxpayer or the taxpayer's surviving spouse in a taxable year from qualified retirement plans which include those plans defined in Internal Revenue Code Sections 401, 403, 408, and 457, and all public employee retirement plans of the federal, state, and local governments, but not including military retirement."
SECTION 3. This act takes effect upon approval by the Governor and applies for taxable years beginning after 2012.
This web page was last updated on Thursday, February 28, 2013 at 3:23 P.M.