Current Status Introducing Body:
SenateBill Number: 39Primary Sponsor: PassailaigueCommittee Number: 06Type of Legislation: GBSubject: Income tax exemption for scholarshipsResiding Body: SenateCurrent Committee: FinanceComputer Document Number: S.39Introduced Date: 19930112Last History Body: SenateLast History Date: 19930112Last History Type: Introduced, read first time, referred to CommitteeScope of Legislation: StatewideAll Sponsors: Passailaigue Giese RoseType of Legislation: General Bill
Bill Body Date Action Description CMN Leg Involved ____ ______ ____________ ______________________________ ___ ____________ 39 Senate 19930112 Introduced, read first time, 06 referred to CommitteeView additional legislative information at the LPITS web site.
TO AMEND SECTION 12-7-430, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO INCOME TAXATION, SO AS TO EXEMPT FROM INCOME TAXATION INCOME RECEIVED AS SCHOLARSHIPS AND TO EXEMPT FROM INCOME TAXATION TELEVISION AND ADVERTISING EARNINGS OF INSTITUTIONS OF HIGHER LEARNING FROM ATHLETIC EVENTS.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 12-7-430 of the 1976 Code is amended by adding new items at the end to read:
"( ) South Carolina gross income does not include gross income received as a qualified scholarship authorized by Internal Revenue Code Section 117 as amended through December 31, 1985.
( ) South Carolina gross income does not include gross income received by public and private institutions of higher learning from television and advertising revenue from athletic events."
SECTION 2. Upon signature of the Governor, provisions of this act shall take effect for tax years after December 31, 1992.