South Carolina General Assembly
121st Session, 2015-2016

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H. 3147

STATUS INFORMATION

General Bill
Sponsors: Reps. G.M. Smith, G.R. Smith, Huggins, Weeks, Taylor, Pope, Collins, Johnson, Stavrinakis, Yow, Clemmons, Goldfinch, Murphy, J.E. Smith and Mitchell
Document Path: l:\council\bills\agm\18336dg15.docx
Companion/Similar bill(s): 33, 42, 161

Introduced in the House on January 13, 2015
Introduced in the Senate on April 29, 2015
Last Amended on April 21, 2016
Currently residing in the Senate

Summary: Taxable income deductions

HISTORY OF LEGISLATIVE ACTIONS

     Date      Body   Action Description with journal page number
-------------------------------------------------------------------------------
  12/11/2014  House   Prefiled
  12/11/2014  House   Referred to Committee on Ways and Means
   1/13/2015  House   Introduced and read first time
   1/13/2015  House   Referred to Committee on Ways and Means
   1/15/2015  House   Member(s) request name added as sponsor: Huggins
   1/29/2015  House   Member(s) request name added as sponsor: Weeks
    2/5/2015  House   Member(s) request name added as sponsor: Taylor
    3/3/2015  House   Member(s) request name removed as sponsor: Cobb-Hunter
   3/17/2015  House   Member(s) request name added as sponsor: Pope
   4/15/2015  House   Member(s) request name added as sponsor: Collins, Johnson
   4/23/2015  House   Member(s) request name added as sponsor: Stavrinakis, Yow
   4/23/2015  House   Committee report: Favorable Ways and Means 
                        (House Journal-page 117)
   4/28/2015  House   Member(s) request name added as sponsor: Clemmons, 
                        Goldfinch, Murphy, J.E.Smith, Mitchell
   4/28/2015  House   Read second time (House Journal-page 102)
   4/28/2015  House   Roll call Yeas-101  Nays-0 (House Journal-page 103)
   4/29/2015  House   Read third time and sent to Senate 
                        (House Journal-page 27)
   4/29/2015  House   Roll call Yeas-96  Nays-0 (House Journal-page 28)
   4/29/2015  Senate  Introduced and read first time (Senate Journal-page 7)
   4/29/2015  Senate  Referred to Committee on Finance (Senate Journal-page 7)
   3/23/2016  Senate  Committee report: Favorable with amendment Finance 
                        (Senate Journal-page 13)
   4/21/2016  Senate  Committee Amendment Amended and Adopted 
                        (Senate Journal-page 61)

View the latest legislative information at the website

VERSIONS OF THIS BILL

12/11/2014
4/23/2015
3/23/2016
4/21/2016

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

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COMMITTEE AMENDMENT ADOPTED AND AMENDED

April 21, 2016

H. 3147

Introduced by Reps. G.M. Smith, G.R. Smith, Huggins, Weeks, Taylor, Pope, Collins, Johnson, Stavrinakis, Yow, Clemmons, Goldfinch, Murphy, J.E. Smith and Mitchell

S. Printed 4/21/16--S.

Read the first time April 29, 2015.

            

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.    A.    Section 12-6-1170 of the 1976 Code is amended by adding an appropriately lettered subsection at the end to read:

"( )    Notwithstanding any other provision of this section, if a taxpayer claims a deduction pursuant to Section 12-6-1171, then the deduction allowed by this section must be reduced by the amount the taxpayer deducts pursuant to Section 12-6-1171; however, this subsection does not apply if the deduction claimed pursuant to Section 12-6-1171 is claimed by a surviving spouse."

B.    Article 9, Chapter 6, Title 12 of the 1976 Code is amended by adding:

"Section 12-6-1171.    (A)    An individual taxpayer who has military retirement income, each year may deduct an amount of earned income from South Carolina taxable income equal to the amount of military retirement income, not to exceed fifteen thousand dollars. Beginning in the year in which the taxpayer reaches age sixty-five, the taxpayer may deduct up to thirty thousand dollars of military retirement income that is included in South Carolina taxable income.

(B)    The term 'retirement income', as used in this section, 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 a qualified military retirement plan.

(C)    A surviving spouse receiving military retirement income that is attributable to the deceased spouse shall apply this deduction in the same manner that the deduction applied to the deceased spouse. If the surviving spouse also has another retirement income, an additional retirement exclusion is allowed.

(D)    The department may require the taxpayer to provide information necessary for proper administration of this subsection."

SECTION    2.    This act takes effect upon approval by the Governor and first applies to tax years beginning after 2015.

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This web page was last updated on April 22, 2016 at 9:22 AM