South Carolina General Assembly
111th Session, 1995-1996

Bill 4923

Indicates Matter Stricken
Indicates New Matter 

                    Current Status

Bill Number:                       4923
Type of Legislation:               General Bill GB
Introducing Body:                  House
Introduced Date:                   19960411
Primary Sponsor:                   Richardson 
All Sponsors:                      Richardson 
Drafted Document Number:           jic\5199htc.95
Residing Body:                     House
Current Committee:                 Ways and Means Committee 30
                                   HWM
Subject:                           Income tax deductions increased
                                   for aging
History


Body    Date      Action Description                       Com     Leg Involved
______  ________  _______________________________________  _______ ____________

House   19960411  Introduced, read first time,             30 HWM
                  referred to Committee
View additional legislative information at the LPITS web site.

(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

A BILL

TO AMEND SECTION 12-7-435, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO DEDUCTIONS FOR SOUTH CAROLINA TAXABLE INCOME FOR PURPOSES OF THE STATE INDIVIDUAL INCOME TAX, SO AS TO PROVIDE AN INCREASING DEDUCTION FOR RESIDENT INDIVIDUALS SIXTY-FIVE YEARS OF AGE AND OLDER AND TO PROVIDE FOR THE ALLOCATION OF INCOME BETWEEN SPOUSES.

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:

"( ) A percentage of South Carolina taxable income received by a resident individual according to the following schedule of ages and deduction percentages:

Taxpayer's Age at Deduction

End of Taxable Year Percentage

sixty-five years twenty percent

sixty-six years forty percent

sixty-seven years sixty percent

sixty-eight years eighty percent

more than sixty-eight

years one hundred percent

If a married individual eligible for this deduction files a joint federal income tax return with a spouse who is not eligible for this deduction or if spouses filing a joint federal income tax return are eligible for different deduction percentages, then South Carolina taxable income must be allocated between the spouses in the manner that the department shall prescribe and the deductions allowed from the allocated income. No deduction is allowed from income allocated to a spouse who has not attained the age of sixty-five years at the end of the applicable taxable year."

SECTION 2. Upon approval by the Governor, this act is effective for taxable years beginning after 1994.

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