South Carolina General Assembly
120th Session, 2013-2014

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Indicates Matter Stricken
Indicates New Matter

H. 3112

STATUS INFORMATION

General Bill
Sponsors: Reps. G.M. Smith, Daning and M.S. McLeod
Document Path: l:\council\bills\bbm\10772htc13.docx
Companion/Similar bill(s): 3110

Introduced in the House on January 8, 2013
Introduced in the Senate on April 15, 2014
Last Amended on April 10, 2014
Currently residing in the Senate Committee on Finance

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)
    4/9/2014  House   Committee report: Favorable with amendment Ways and 
                        Means (House Journal-page 133)
   4/10/2014  House   Member(s) request name added as sponsor: M.S.McLeod
   4/10/2014  House   Amended
   4/10/2014  House   Read second time
   4/10/2014  House   Roll call Yeas-109  Nays-0
   4/10/2014  House   Unanimous consent for third reading on next legislative 
                        day
   4/11/2014  House   Read third time and sent to Senate
   4/15/2014  Senate  Introduced and read first time (Senate Journal-page 7)
   4/15/2014  Senate  Referred to Committee on Finance (Senate Journal-page 7)

View the latest legislative information at the LPITS web site

VERSIONS OF THIS BILL

12/11/2012
4/9/2014
4/10/2014

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

Indicates Matter Stricken

Indicates New Matter

AMENDED

April 10, 2014

H. 3112

Introduced by Reps. G.M. Smith and Daning

S. Printed 4/10/14--H.

Read the first time January 8, 2013.

            

A 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.

Amend Title To Conform

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

SECTION    1.    This act may be cited as the "South Carolina Giving Back to Our Veterans Act".

SECTION    2.    Section 12-6-1140 of the 1976 Code is amended by adding a new item at the end to read:

"(12)    for taxable years beginning after 2015, military retirement benefits attributable to service on active duty in the armed forces of the United States."

SECTION    3.    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, including military retirement. After taxable year 2015, military retirement is not included as retirement income for purposes of the deduction allowed by this section."

SECTION    4.    In addition to amounts allowed as a deduction pursuant to Section 12-6-1170 of the 1976 Code, there is allowed as a deduction from South Carolina taxable income of individuals for purposes of the South Carolina Income Tax Act a portion of otherwise taxable military retirement benefits attributable to service on active duty in the armed forces of the United States according to the following schedule:

Taxable Year            Deduction Percentage

2014                                33.33 percent

2015                                66.67 percent.

SECTION    5.    This act takes effect upon approval by the Governor and applies for taxable years beginning after 2013.

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This web page was last updated on April 16, 2014 at 8:40 AM