Current Status Bill Number:961 Type of Legislation:General Bill GB Introducing Body:Senate Introduced Date:19960109 Primary Sponsor:Giese All Sponsors:Giese, Wilson, Lander, Rose, Elliott, Setzler, Leatherman Drafted Document Number:GJK\22142SD.96 Residing Body:Senate Current Committee:Finance Committee 06 SF Subject:Income tax modification for aging
Body Date Action Description Com Leg Involved
______ ________ _______________________________________ _______ ____________
Senate 19960109 Introduced, read first time, 06 SF
referred to Committee
Senate 19951204 Prefiled, referred to Committee 06 SF
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TO AMEND SECTION 12-6-1120, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO MODIFICATIONS TO SOUTH CAROLINA GROSS INCOME FOR PURPOSES OF THE STATE INCOME TAX, SO AS TO PROVIDE THAT SOUTH CAROLINA GROSS INCOME OF A RESIDENT INDIVIDUAL TAXPAYER WHO BEFORE OR DURING THE APPLICABLE TAX YEAR HAS ATTAINED THE AGE OF SIXTY-FIVE DOES NOT INCLUDE THE FIRST FIFTY THOUSAND DOLLARS OF GROSS INCOME OTHERWISE INCLUDABLE AND TO PROVIDE PROCEDURES TO IMPLEMENT THIS MODIFICATION.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 12-6-1120 of the 1976 Code, as added by Act 76 of 1995, is amended by adding an appropriately numbered item to read:
"( ) South Carolina gross income of a resident individual taxpayer who before or during the applicable tax year has attained the age of sixty-five does not include the first fifty thousand dollars of gross income otherwise includable in South Carolina gross income; provided, that the modification authorized by this item must be reduced by the amount of any retirement income deducted from South Carolina taxable income pursuant to Section 12-6-1140(3) by that taxpayer. If a married taxpayer eligible for this modification files a joint federal income tax return with a spouse who is not eligible for this modification, 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.