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H.3112 found 3 times.    Next
H 3112
Session 120 (2013-2014) 

H 3112Next General Bill, By G.M. Smith, Daning and M.S. McLeod

Similar(H 3110) 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. 12/11/12 House Prefiled 12/11/12 House Referred to Committee on Ways and Means 01/08/13 House Introduced and read first time (House Journal-page 89) 01/08/13 House Referred to Committee on Ways and Means (House Journal-page 89) 04/09/14 House Committee report: Favorable with amendment Ways and Means (House Journal-page 133) 04/10/14 House Member(s) request name added as sponsor: M.S.McLeod 04/10/14 House Amended (House Journal-page 94) 04/10/14 House Read second time (House Journal-page 94) 04/10/14 House Roll call Yeas-109 Nays-0 (House Journal-page 94) 04/10/14 House Unanimous consent for third reading on next legislative day (House Journal-page 97) 04/11/14 House Read third time and sent to Senate (House Journal-page 6) 04/15/14 Senate Introduced and read first time (Senate Journal-page 7) 04/15/14 Senate Referred to Committee on Finance (Senate Journal-page 7)


VERSIONS OF THIS BILL

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



PreviousH. 3112Next

Indicates Matter Stricken

Indicates New Matter

AMENDED

April 10, 2014

PreviousH. 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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