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Current Status Bill Number:View additional legislative information at the LPITS web site.103 Type of Legislation:Joint Resolution JR Introducing Body:Senate Introduced Date:19990112 Primary Sponsor:Passailaigue All Sponsors:Passailaigue, McConnell, Elliott, Ryberg, Giese, Wilson, Branton, Courson, McGill, Hayes, Reese, Setzler Drafted Document Number:l:\s-res\elp\002dedu.jjj.doc Residing Body:Senate Current Committee:Finance Committee 06 SF Subject:Income tax deductions, retirement income of aging for tax years 1994 through 1997 allowed; Taxation History Body Date Action Description Com Leg Involved ______ ________ ______________________________________ _______ ____________ Senate 19990112 Introduced, read first time, 06 SF referred to Committee Senate 19981118 Prefiled, referred to Committee 06 SF Versions of This Bill
TO ALLOW A SOUTH CAROLINA INDIVIDUAL INCOME TAX PAYER WHO RECEIVED RETIREMENT INCOME FOR TAXABLE YEARS 1994 THROUGH 1997 A DEDUCTION FROM SOUTH CAROLINA TAXABLE INCOME FOR RETIREMENT INCOME RECEIVED IN YEARS 1994 THROUGH 1997, NOT TO EXCEED THREE THOUSAND DOLLARS FOR EACH YEAR FOR WHICH NO RETIREMENT DEDUCTION WAS CLAIMED, AND TO PROVIDE THAT THIS SECTION APPLIES REGARDLESS OF WHETHER THE SOUTH CAROLINA INDIVIDUAL INCOME TAXPAYER ELECTED TO DEFER A RETIREMENT DEDUCTION UNTIL AGE 65 PURSUANT TO SECTION 12-6-1170 OF THE 1976 CODE.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. (A) A South Carolina individual income taxpayer who received retirement income for taxable years 1994 through 1997 is allowed a deduction from South Carolina taxable income of retirement income received in years 1994 through 1997, not to exceed three thousand dollars for each year for which no retirement deduction was claimed. This section applies regardless of whether the taxpayer elected to defer a retirement deduction until age 65 pursuant to Section 12-6-1170 of the 1976 Code.
(B) For purposes of this section, "retirement income" has the meaning provided in Section 12-6-1170(4) of the 1976 Code as this section applied in taxable years 1994 through 1997.
(C) Notwithstanding the provisions of Section 12-5-85(F) of the 1976 Code relating to the timeliness of claims for refunds and for taxable years 1994 and 1995 only, the period within which such claims are timely filed is extended through December 31, 1999, for taxpayers filing a claim pursuant to this section.
SECTION 2. This joint resolution takes effect upon approval by the Governor.
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