South Carolina General Assembly
120th Session, 2013-2014

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S. 57

STATUS INFORMATION

General Bill
Sponsors: Senator Campsen
Document Path: l:\s-res\gec\013capi.hm.gec.docx

Introduced in the Senate on January 8, 2013
Currently residing in the Senate Committee on Finance

Summary: Capital Gains Tax Elimination Act

HISTORY OF LEGISLATIVE ACTIONS 

     Date      Body   Action Description with journal page number
-------------------------------------------------------------------------------
  12/13/2012  Senate  Prefiled
  12/13/2012  Senate  Referred to Committee on Finance
    1/8/2013  Senate  Introduced and read first time (Senate Journal-page 53)
    1/8/2013  Senate  Referred to Committee on Finance (Senate Journal-page 53)

View the latest legislative information at the LPITS web site

VERSIONS OF THIS BILL

12/13/2012

(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, 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

2013                                                                        49.6

2014                                                                        55.2

2015                                                                        60.8

2016                                                                        66.4

2017                                                                        72.0

2018                                                                        77.6

2019                                                                        83.2

2020                                                                        88.8

2021                                                                        94.4

2022 and after                                                            100"

SECTION    3.    This act takes effect upon approval by the Governor and applies for taxable years beginning after 2012.

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This web page was last updated on Thursday, February 28, 2013 at 3:49 P.M.