H 4542 General Bill, By J.M. Baxley and H.H. Keyserling
 A Bill to amend Section 12-7-435, as amended, Code of Laws of South Carolina,
 1976, relating to deductions allowed from South Carolina taxable income for
 purposes of the state individual income tax, so as to allow a deduction for
 the wholesale value of agricultural produce which a farmer allows to be
 removed from his land after commercial harvesting if his donation of produce
 qualifies for the civil liability exemption for donated food provided by
 Chapter 74 of Title 15 of the 1976 Code, to require the donor to report farm
 income or loss on his federal income tax return, and to provide that the South
 Carolina Tax Commission shall prescribe procedures to determine the wholesale
 value of the donated produce.

   03/10/92  House  Introduced and read first time HJ-4
   03/10/92  House  Referred to Committee on Ways and Means HJ-4

A BILL

TO AMEND SECTION 12-7-435, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO DEDUCTIONS ALLOWED FROM SOUTH CAROLINA TAXABLE INCOME FOR PURPOSES OF THE STATE INDIVIDUAL INCOME TAX, SO AS TO ALLOW A DEDUCTION FOR THE WHOLESALE VALUE OF AGRICULTURAL PRODUCE WHICH A FARMER ALLOWS TO BE REMOVED FROM HIS LAND AFTER COMMERCIAL HARVESTING IF HIS DONATION OF PRODUCE QUALIFIES FOR THE CIVIL LIABILITY EXEMPTION FOR DONATED FOOD PROVIDED BY CHAPTER 74 OF TITLE 15 OF THE 1976 CODE, TO REQUIRE THE DONOR TO REPORT FARM INCOME OR LOSS ON HIS FEDERAL INCOME TAX RETURN, AND TO PROVIDE THAT THE SOUTH CAROLINA TAX COMMISSION SHALL PRESCRIBE PROCEDURES TO DETERMINE THE WHOLESALE VALUE OF THE DONATED PRODUCE.

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

SECTION 1. Section 12-7-435 of the 1976 Code, as last amended by Part II, Section 3 of Act 171 of 1991, is further amended by adding an appropriately lettered item to read:

"( ) The wholesale value of produce which a farmer allows a nonprofit or charitable organization to remove from his land after commercial harvesting if his donation qualifies for the exemption from civil liability provided food donors pursuant to Chapter 74 of Title 15 and if the donor reports farm income or loss on schedule F filed with his federal income tax return for the taxable year for which he claims the deduction allowed by this item. The commission shall prescribe procedures to determine the wholesale value of the donated produce."

SECTION 2. Upon approval by the Governor, this act applies for taxable years beginning after 1991.