S 0409 General Bill, By Wilson, Giese, Richardson, Grooms, Verdin and Ryberg

Similar(H 3511)
 A BILL TO AMEND SECTION 12-6-1170, CODE OF LAWS OF SOUTH CAROLINA, 1976,
 RELATING TO THE RETIREMENT INCOME DEDUCTION AND THE TAXABLE INCOME DEDUCTION
 ALLOWED INDIVIDUAL TAXPAYERS WHO HAVE ATTAINED AGE SIXTY-FIVE FOR PURPOSES OF
 THE SOUTH CAROLINA INCOME TAX ACT, SO AS TO INCREASE THE TAXABLE INCOME
 DEDUCTION ALLOWED INDIVIDUAL TAXPAYERS WHO HAVE ATTAINED AGE SIXTY-FIVE FROM
 FIFTEEN THOUSAND DOLLARS TO TWENTY THOUSAND DOLLARS.

   03/06/01  Senate Introduced and read first time SJ-12
   03/06/01  Senate Referred to Committee on Finance SJ-12

TO AMEND SECTION 12-6-1170, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE RETIREMENT INCOME DEDUCTION AND THE TAXABLE INCOME DEDUCTION ALLOWED INDIVIDUAL TAXPAYERS WHO HAVE ATTAINED AGE SIXTY-FIVE FOR PURPOSES OF THE SOUTH CAROLINA INCOME TAX ACT, SO AS TO INCREASE THE TAXABLE INCOME DEDUCTION ALLOWED INDIVIDUAL TAXPAYERS WHO HAVE ATTAINED AGE SIXTY-FIVE FROM FIFTEEN THOUSAND DOLLARS TO TWENTY THOUSAND DOLLARS.

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

SECTION 1. Section 12-6-1170(B) of the 1976 Code is amended to read:

"(B) Beginning for the taxable year during which a resident individual taxpayer attains the age of sixty-five years, the resident individual taxpayer is allowed a deduction from South Carolina taxable income received in an amount not to exceed fifteen twenty thousand dollars reduced by any amount the taxpayer deducts pursuant to subsection (A) not including amounts deducted as a surviving spouse. If married taxpayers eligible for this deduction file a joint federal income tax return, then the maximum deduction allowed is fifteen twenty thousand dollars in the case when only one spouse has attained the age of sixty-five years and thirty forty thousand dollars when both spouses have attained such age."

SECTION 2. Upon approval of the Governor, this act applies for taxable years beginning after 2000.