Current Status Bill Number:
914Type of Legislation: General Bill GBIntroducing Body: SenateIntroduced Date: 19960109Primary Sponsor: GieseAll Sponsors: Giese, Rose, Wilson, Ford, Courson, Lander, Reese, Elliott, Setzler, Mescher, WashingtonDrafted Document Number: bmm\10390sd.96Residing Body: SenateCurrent Committee: Finance Committee 06 SFSubject: Income tax deductions for aging
Body Date Action Description Com Leg Involved ______ ________ _______________________________________ _______ ____________ Senate 19960109 Introduced, read first time, 06 SF referred to Committee Senate 19950912 Prefiled, referred to Committee 06 SFView additional legislative information at the LPITS web site.
TO AMEND SECTION 12-6-1140, 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 PROVIDE A DEDUCTION FOR TAXPAYERS AT LEAST SIXTY-FIVE YEARS OF AGE NOT TO EXCEED FIFTY THOUSAND DOLLARS OF ALL SOUTH CAROLINA TAXABLE INCOME, AND TO PROVIDE PROCEDURES TO IMPLEMENT THIS DEDUCTION.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 12-6-1140 of the 1976 Code, as added by Act 76 of 1995, is amended by adding an appropriately numbered item to read:
"( ) An amount not exceeding fifty thousand dollars of South Carolina taxable income received by a resident individual taxpayer who before or during the applicable tax year has attained the age of sixty-five. The deduction authorized by this item must be reduced by the amount of any retirement income deducted from South Carolina taxable income pursuant to item (3) by that taxpayer. If a married taxpayer eligible for this deduction files a joint federal income tax return with a spouse who is not eligible for this deduction, then their joint income must be allocated between them on a pro-rata basis in the manner the department shall provide."
SECTION 2. Upon approval by the Governor, this act is effective for taxable years beginning after 1995.