Current Status Bill Number:3149 Type of Legislation:General Bill GB Introducing Body:House Introduced Date:19950110 Primary Sponsor:Waldrop All Sponsors:Waldrop, Clyburn Drafted Document Number:JIC\5103HTC.95 Residing Body:House Current Committee:Ways and Means Committee 30 HWM Subject:Income tax deductions, retirement
Body Date Action Description Com Leg Involved
______ ________ _______________________________________ _______ ____________
House 19950110 Introduced, read first time, 30 HWM
referred to Committee
House 19941221 Prefiled, referred to Committee 30 HWM
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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 1994.