H 3839 Session 109 (1991-1992)
H 3839 General Bill, By J.L.M. Cromer
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
delete certain age limitations before a particular deduction may be taken and
to provide that when a retired person or his surviving spouse, if applicable,
attains the age of sixty-two certain three thousand dollar deductions are
increased to six thousand dollars and, upon attaining the age of sixty-five,
are increased to ten thousand dollars.
04/11/91 House Introduced and read first time HJ-15
04/11/91 House Referred to Committee on Ways and Means HJ-15
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
DELETE CERTAIN AGE LIMITATIONS BEFORE A PARTICULAR
DEDUCTION MAY BE TAKEN AND TO PROVIDE THAT WHEN
A RETIRED PERSON OR HIS SURVIVING SPOUSE, IF
APPLICABLE, ATTAINS THE AGE OF SIXTY-TWO CERTAIN
THREE THOUSAND DOLLAR DEDUCTIONS ARE INCREASED
TO SIX THOUSAND DOLLARS AND, UPON ATTAINING THE
AGE OF SIXTY-FIVE, ARE INCREASED TO TEN THOUSAND
DOLLARS.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 12-7-435(c) of the 1976 Code is amended to
read:
"(c) Any A retired person, or his surviving
spouse, who attains the age of sixty-five before the close of the
taxable year and who receives income under one or more qualified
pension programs is allowed to deduct from taxable income three
thousand dollars of the pension income received in each taxable year.
If the pension income also qualifies for a deduction from taxable income
under the provisions of items item (a) or (b) of this
section, no deduction from taxable income is permitted under the
provisions of this item."
SECTION 2. Section 12-7-435 of the 1976 Code, as last amended by
Act 189 of 1989, is further amended by adding a new item appropriately
numbered to read:
"( ) When a retired person or his surviving spouse, if
applicable, attains the age of sixty-two before the close of a particular
taxable year, the three thousand dollar deduction allowed by items (a),
(b), (c), (d), and (e) is increased to six thousand dollars and, upon
attaining the age of sixty-five, is increased to ten thousand
dollars."
SECTION 3. This act takes effect January 1, 1991.
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