Current Status Introducing Body:House Bill Number:4792 Primary Sponsor:Waldrop Committee Number:30 Type of Legislation:GB Subject:Income tax deduction, retirement benefits Residing Body:House Current Committee:Ways and Means Computer Document Number:4792 Introduced Date:19940222 Last History Body:House Last History Date:19940222 Last History Type:Introduced, read first time, referred to Committee Scope of Legislation:Statewide All Sponsors:Waldrop Type of Legislation:General Bill
Bill Body Date Action Description CMN Leg Involved
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4792 House 19940222 Introduced, read first time, 30
referred to Committee
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TO AMEND SECTION 12-7-435, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO DEDUCTIONS FROM SOUTH CAROLINA TAXABLE INCOME FOR PURPOSES OF THE STATE INDIVIDUAL INCOME TAX, SO AS TO ALLOW THE DEDUCTION OF RETIREMENT BENEFITS FROM A PUBLIC EMPLOYEE PENSION PLAN IN A STATE WHICH IMPOSES NO STATE INDIVIDUAL INCOME TAX.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 12-7-435 of the 1976 Code is amended by adding an appropriately lettered item to read:
"( ) retirement benefits received from a state or local government public employee pension plan of a state which imposed no state individual income tax when the pension was earned and which imposes no state individual income tax in the taxable year for which the deduction is claimed."
SECTION 2. Upon approval by the Governor, this act is effective for taxable years beginning after 1993.