Current Status Introducing Body:Senate Bill Number:700 Primary Sponsor:Rose Committee Number:06 Type of Legislation:GB Subject:Young Child Tax Credit Act Residing Body:Senate Current Committee:Finance Computer Document Number:JIC/5389.HC Introduced Date:Feb 26, 1991 Last History Body:Senate Last History Date:Feb 26, 1991 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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700 Senate Feb 26, 1991 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 12-7-1214 SO AS TO ENACT THE YOUNG CHILD TAX CREDIT ACT.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. This act may be cited as the Young Child Tax Credit Act.
SECTION 2. Article 10, Chapter 7, Title 12 of the 1976 Code is amended by adding:
"Section 12-7-1214. (A) In the case of an individual, there is allowed as a credit against the tax imposed by this title for the taxable year an amount equal to the dependent tax credit amount for the taxable year.
(B) For purposes of this section:
(1) The young child tax credit amount for the taxable year is an amount equal to the sum of the applicable credit percentages of so much of the taxpayer's earned income for the year as does not exceed ten thousand dollars.
(2) For the purposes of item (1) of this subsection, the applicable credit percentage is:
(a) five percent for any one qualified dependent child of the taxpayer, and
(b) five percent for a second qualified dependent child of the taxpayer other than the qualified dependent taken into account under subitem (a),
(c) five percent for a qualified dependent spouse.
(3) (a) In the case of a taxpayer whose earned income for the taxable year exceeds thirty thousand dollars, the amount determined under item (1) of this subsection must be reduced by an amount equal to the sum of the applicable phaseout percentages of the excess.
(b) For the purpose of subitem (a), the applicable phaseout percentage is:
(i) five dollars for each one hundred dollars of income which exceeds the amount specified in item (3)(a) for a qualified dependent; and
(ii) five dollars for each one hundred dollars which exceeds the amount specified in item (3)(a) for each additional qualified dependent taken into account in item (B)(2)(b).
(C) For the purpose of this section, the term `qualified dependent' means an individual:
(1) who is a dependent of the taxpayer as defined in Section 152 of the Internal Revenue Code;
(2) who is a child of the taxpayer as defined in Section 151(c)(3) of the Internal Revenue Code; and
(3) who has not attained five years of age at the close of the calendar year in which the taxable year of the taxpayer begins.
The term does not include a dependent of an individual receiving aid or assistance under Part A or Part E of Title IV of the Social Security Act.
(D) For the purpose of this section the term `qualified dependent spouse' means an individual who is a dependent spouse of the taxpayer who does not work outside the home.
(E) No taxpayer shall receive a credit amount as defined under subsection (B)(1) for a qualified dependent spouse unless the taxpayer also claims a credit for at least one dependent child.
(F) In the case of an individual who is legally married, this section applies only if a joint return is filed for the taxable year.
(G) Except in the case of a taxable year closed by reason of the death of the taxpayer, no credit is allowed under this section in the case of a taxable year covering a period of less than twelve months.
(H) The amount of the credit allowed by this section shall be determined under tables prescribed by the commission."
SECTION 3. Upon approval by the Governor, this act is effective for taxable years beginning after 1990.