Current Status Bill Number:148 Type of Legislation:General Bill GB Introducing Body:Senate Introduced Date:19970114 Primary Sponsor:Wilson All Sponsors:Wilson Drafted Document Number:council\legis\bills\bbm\9039htc .97 Residing Body:Senate Current Committee:Finance Committee 06 SF Subject:Income tax credit, joint return; alternative credit calculation; Taxation
Body Date Action Description Com Leg Involved
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Senate 19970114 Introduced, read first time, 06 SF
referred to Committee
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TO AMEND SECTION 12-6-3330, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE TAX CREDIT ALLOWED ON A JOINT INCOME TAX RETURN FOR THE EARNED INCOME OF A SPOUSE, SO AS TO PROVIDE AN ALTERNATIVE CREDIT CALCULATION THAT EQUALS THE DIFFERENCE BETWEEN THE SOUTH CAROLINA INCOME TAX DUE ON THE JOINT RETURN AND THE TOTAL OF THE TAX THAT WOULD BE DUE IF BOTH SPOUSES FILED SEPARATELY AND DELETING PROVISIONS LIMITING THE CREDIT TO EARNED INCOME, AND ALLOWING TAXPAYERS TO ELECT THE CALCULATION ALLOWING THE LARGER CREDIT.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 12-6-3330 of the 1976 Code, as added by Act 76 of 1995, is amended by adding at the end:
"(E) As an alternative to the credit provided pursuant to subsections (A) through (D) of this section, resident married individuals may claim a credit equal to the difference between the total tax due on the joint return and the total of the tax that would be due from both spouses if they were allowed to file separately, regardless of the filing status on their federal income tax return. Taxpayers may elect the credit allowed pursuant to this subsection if it exeeds the credit allowed them pursuant to subsection (A) through (D)."
SECTION 2. Upon approval by the Governor, this act is effective for taxable years beginning after 1996.