Current Status Bill Number:
1265Type of Legislation: General Bill GBIntroducing Body: SenateIntroduced Date: 19960320Primary Sponsor: McConnellAll Sponsors: McConnellDrafted Document Number: res9951.gfmResiding Body: SenateCurrent Committee: Finance Committee 06 SFSubject: Income tax credits for foster parents
Body Date Action Description Com Leg Involved ______ ________ _______________________________________ _______ ____________ Senate 19960320 Introduced, read first time, 06 SF referred to CommitteeView additional legislative information at the LPITS web site.
TO AMEND SECTION 12-6-3380 OF THE CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO TAX CREDITS FOR CHILD AND DEPENDENT CARE, SO AS TO PROVIDE A TAX CREDIT FOR FOSTER PARENTS WHO INCUR AFTER-SCHOOL AND DAY CARE EXPENSES FOR FOSTER CHILDREN RESIDING IN THEIR HOMES.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 12-6-3380 of the 1976 Code is amended to read:
"Section 12-6-3380. (A) An individual may claim an income tax credit for child and dependent care expenses. The credit is computed as provided in Internal Revenue Code Section 21, except that the term `applicable percentage' means seven percent and is not reduced, and only expenses that are directly attributable to items of South Carolina gross income qualify for the credit.
(B) An individual may claim the income tax credit for child and dependent care provided in subsection (A) for any period during the tax year where expenses were incurred relating to after-school and day care services on behalf of a foster child residing in the individual's home.
(C) If a nonresident taxpayer is a resident of a state which does not allow a resident of this State credit for child and dependent care expenses, the nonresident taxpayer is not allowed credit on the South Carolina income tax return for child and dependent care expenses."
SECTION 2. This act takes effect upon approval by the Governor.