S 0051 General Bill, By Giese, Elliott, Wilson, Branton, McGill, Hayes, 
Leatherman, Reese and Setzler
 A BILL TO AMEND SECTION 12-6-1170, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA,
 1976, RELATING TO THE RETIREMENT INCOME DEDUCTION AND THE TAXABLE INCOME
 DEDUCTION ALLOWED INDIVIDUAL TAXPAYERS WHO HAVE OBTAINED AGE SIXTY-FIVE, SO AS
 TO INCREASE THE TAXABLE INCOME DEDUCTION ALLOWED INDIVIDUAL TAXPAYERS WHO HAVE
 ATTAINED AGE SIXTY-FIVE FROM ELEVEN THOUSAND FIVE HUNDRED DOLLARS TO TWENTY
 THOUSAND DOLLARS.

   11/18/98  Senate Prefiled
   11/18/98  Senate Referred to Committee on Finance
   01/12/99  Senate Introduced and read first time SJ-27
   01/12/99  Senate Referred to Committee on Finance SJ-27

TO AMEND SECTION 12-6-1170, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE RETIREMENT INCOME DEDUCTION AND THE TAXABLE INCOME DEDUCTION ALLOWED INDIVIDUAL TAXPAYERS WHO HAVE OBTAINED AGE SIXTY-FIVE, SO AS TO INCREASE THE TAXABLE INCOME DEDUCTION ALLOWED INDIVIDUAL TAXPAYERS WHO HAVE ATTAINED AGE SIXTY-FIVE FROM ELEVEN THOUSAND FIVE HUNDRED 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, as last amended by Section 49 I.B., Part II, Act 419 of 1998, is further 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 eleven twenty thousand five hundred 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 eleven twenty thousand five hundred dollars in the case when only one spouse has attained the age of sixty-five years and twenty-three forty thousand dollars when both spouses have attained such age."

SECTION 2. This act takes effect upon approval by the Governor and first applies for taxable years beginning after 1998 for individual taxpayers attaining the age of sixty-five years during or before 1999.