Current Status Bill Number:590 Type of Legislation:General Bill GB Introducing Body:Senate Introduced Date:19970401 Primary Sponsor:Gregory All Sponsors:Gregory Drafted Document Number:jic\6008htc.97 Companion Bill Number:3608 Residing Body:Senate Current Committee:Finance Committee 06 SF Subject:Income tax deductions, health insurance premiums, self-employed persons; Taxation, medical and health
Body Date Action Description Com Leg Involved
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Senate 19970401 Introduced, read first time, 06 SF
referred to Committee
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TO AMEND SECTION 12-6-1140, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO DEDUCTIONS ALLOWED FROM SOUTH CAROLINA TAXABLE INCOME OF INDIVIDUALS FOR PURPOSES OF THE SOUTH CAROLINA INCOME TAX ACT, SO AS TO ALLOW A DEDUCTION FOR AMOUNTS PAID FOR HEALTH INSURANCE PREMIUMS BY SELF-EMPLOYED PERSONS TO THE EXTENT THAT THE COST OF THESE PREMIUMS WAS NOT DEDUCTED ON THE TAXPAYER'S FEDERAL INCOME TAX RETURN.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 12-6-1140 of the 1976 Code, as last amended by Act 145 of 1995, is further amended by adding an appropriately numbered item at the end to read:
"( ) the portion of premiums not deductible pursuant to Internal Revenue Code Section 162(l) because the 'applicable percentage' as defined in that section is less than one hundred percent."
SECTION 2. Upon approval by the Governor, this act is effective for taxable years beginning after 1996.