Bill 3877

                    Current Status

Bill Number:                       3877
Type of Legislation:               General Bill GB
Introducing Body:                  House
Introduced Date:                   19970409
Primary Sponsor:                   Campsen
All Sponsors:                      Campsen, Altman, Young,
                                   Easterday, Haskins, Leach, Hamilton,
                                   Limehouse, Woodrum and Simrill
                                   
Drafted Document Number:           jic\6088htc.97
Residing Body:                     House
Current Committee:                 Ways and Means Committee 30
                                   HWM
Subject:                           Income tax credit, tuition and
                                   fees paid for college student up to
                                   eight hundred dollars, Colleges and
                                   Universities

Body    Date      Action Description                       Com     Leg Involved
______  ________  _______________________________________  _______ ____________
House   19970409  Introduced, read first time,             30 HWM
                  referred to Committee

TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 12-6-3505 SO AS TO ALLOW A TAX CREDIT AGAINST THE SOUTH CAROLINA INCOME TAX LIABILITY OF A RESIDENT INDIVIDUAL FOR TUITION PAID BY THE TAXPAYER ON BEHALF OF A DEPENDENT CLAIMED BY THE TAXPAYER ON THE TAXPAYER'S FEDERAL INCOME TAX RETURN, TO LIMIT THE CREDIT TO EIGHT HUNDRED DOLLARS FOR EACH DEPENDENT, TO PROVIDE THAT TUITION FOR WHICH THE CREDIT MAY BE CLAIMED, ALLOW A FIVE-YEAR CARRYFORWARD FOR UNUSED CREDIT, AND AUTHORIZE THE DEPARTMENT OF REVENUE TO REQUIRE APPROPRIATE DOCUMENTATION.

Be it enacted by the General Assembly of the State of South Carolina:

SECTION 1. Article 25, Chapter 6, Title 12 of the 1976 Code is amended by adding:

"Section 12-6-3505. A resident individual taxpayer who pays preschool, kindergarten, primary, or secondary school tuition on behalf of a dependent claimed by the taxpayer on the taxpayer's federal income tax return is allowed a credit against the tax imposed pursuant to Section 12-6-510 for the applicable tuition paid on behalf of each dependent claimed not to exceed eight hundred dollars a dependent in a taxable year. Unused credit may be carried forward for the five succeeding taxable years. The department may require appropriate documentation for claiming the credit."

SECTION 2. Upon approval by the Governor, this action is effective for taxable years beginning after 1996.