Current Status Introducing Body:
SenateBill Number: 142Primary Sponsor: RoseCommittee Number: 06Type of Legislation: GBSubject: Newborn Tax Credit ActResiding Body: SenateCurrent Committee: FinanceComputer Document Number: JIC/5114HC.93Introduced Date: 19930112Last History Body: SenateLast History Date: 19930112Last History Type: Introduced, read first time, referred to CommitteeScope of Legislation: StatewideAll Sponsors: RoseType of Legislation: General Bill
Bill Body Date Action Description CMN Leg Involved ____ ______ ____________ ______________________________ ___ ____________ 142 Senate 19930112 Introduced, read first time, 06 referred to CommitteeView additional legislative information at the LPITS web site.
TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 12-7-1212 SO AS TO ENACT THE NEWBORN 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 Newborn Tax Credit Act.
SECTION 2. Article 10, Chapter 7, Title 12 of the 1976 Code is amended by adding:
"Section 12-7-1212. (A) In the case of an individual there is allowed as a refundable credit for the taxable year an amount equal to the dependent tax credit amount for the taxable year.
(B) For the purposes of this section:
(1) The newborn 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), the applicable credit percentage is ten percent for each qualified dependent child.
(3) In the case of a taxpayer whose income exceeds thirty-five thousand dollars, the amount determined under item (1) must be reduced by one dollar for each ten dollars of income in excess of thirty-five thousand dollars.
(C) For the purposes 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 15(c)(3) of the Internal Revenue Code whose date of birth was during the taxable year.
This 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) In the case of an individual who is legally married, this section applies only if a joint return is filed for the taxable year.
(E) 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.
(F) The amount of the credit allowed by this section must be determined under tables prescribed by the commission.
(G) The commission may promulgate regulations and prescribe procedures for the implementation of the credit allowed by this section."
SECTION 3. Upon approval by the Governor, this act is effective for taxable years beginning after 1992.