Current Status Introducing Body:Senate Bill Number:1160 Primary Sponsor:Rose Committee Number:06 Type of Legislation:GB Subject:Income tax credits Residing Body:Senate Current Committee:Finance Computer Document Number:BR1/1954.HC Introduced Date:Jan 15, 1992 Last History Body:Senate Last History Date:Jan 15, 1992 Last History Type:Introduced, read first time, referred to Committee Scope of Legislation:Statewide All Sponsors:Rose Type of Legislation:General Bill
Bill Body Date Action Description CMN
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1160 Senate Jan 15, 1992 Introduced, read first time, 06
referred to Committee
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TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 12-7-1213 SO AS TO ALLOW A SOUTH CAROLINA RESIDENT INDIVIDUAL INCOME TAXPAYER WHO IS ELIGIBLE TO CLAIM THE FEDERAL EARNED INCOME TAX CREDIT A REFUNDABLE STATE INCOME TAX CREDIT IN AN AMOUNT EQUAL TO ONE-FOURTH OF HIS FEDERAL CREDIT.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Article 10, Chapter 7, Title 12 of the 1976 Code is amended by adding:
"Section 12-7-1213. A resident individual income taxpayer who is eligible to claim and who claims the earned income tax credit allowed pursuant to Section 32 of the Internal Revenue Code of 1986 is allowed a credit against the tax imposed by Section 12-7-210 in an amount equal to one-fourth the amount of the federal credit. If the credit allowed by this section exceeds the taxpayer's income tax liability, the amount in excess of the liability must be refunded to the taxpayer. The commission shall prescribe appropriate forms and procedures to implement the credit allowed by this section."
SECTION 2. Upon approval by the Governor, this act is effective for taxable years beginning after 1992.