H 3082 General Bill, By J.L.M. Cromer, Allison, Bailey, J.M. Baxley, J. Brown, 
Cato, Delleney, L.L. Elliott, Fleming, Harvin, Haskins, Inabinett, Kelley, 
W.D. Keyserling, Lloyd, C.V. Marchbanks, Mason, Meacham, Moody-Lawrence, 
Richardson, Sandifer, Simrill, Stuart, Tripp, Vaughn, Walker, Wilder, 
Witherspoon and Young-Brickell
 A Bill to amend Section 12-7-435, as amended, Code of Laws of South Carolina,
 1976, relating to deductions from South Carolina taxable income, so as to
 increase from three thousand to six thousand dollars the maximum amount of
 retirement income a taxpayer at least sixty-two years of age may deduct from
 taxable income.

   12/14/94  House  Prefiled
   12/14/94  House  Referred to Committee on Ways and Means
   01/10/95  House  Introduced and read first time HJ-31
   01/10/95  House  Referred to Committee on Ways and Means HJ-31

A BILL

TO AMEND SECTION 12-7-435, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO DEDUCTIONS FROM SOUTH CAROLINA TAXABLE INCOME, SO AS TO INCREASE FROM THREE THOUSAND TO SIX THOUSAND DOLLARS THE MAXIMUM AMOUNT OF RETIREMENT INCOME A TAXPAYER AT LEAST SIXTY-TWO YEARS OF AGE MAY DEDUCT FROM TAXABLE INCOME.

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

SECTION 1. Section 12-7-435(k)(1) of the 1976 Code is amended to read:

"(k) (1) Beginning with the taxable year in which a taxpayer first receives retirement income, the taxpayer may:

(A) deduct his retirement income in an amount not to exceed three thousand dollars annually and upon attaining the age of sixty-two may deduct an amount not exceeding six thousand dollars annually; or

(B) elect irrevocably to defer claiming a retirement income deduction until the taxable year the taxpayer attains the age of sixty-five years, at which time the taxpayer may deduct his retirement income in an amount not to exceed ten thousand dollars annually."

SECTION 2. This act takes effect upon approval by the Governor.