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1142Type of Legislation: General Bill GBIntroducing Body: SenateIntroduced Date: 20000210Primary Sponsor: BrantonAll Sponsors: Branton, Ravenel, Grooms, Waldrep, McConnell, Peeler, Anderson, Ryberg, Bauer, MescherDrafted Document Number: l:\council\bills\bbm\9210htc00.docResiding Body: SenateCurrent Committee: Finance Committee 06 SFSubject: Retirement income deduction, maximum amount which may be deducted increased for aging; TaxationHistory Body Date Action Description Com Leg Involved ______ ________ ______________________________________ _______ ____________ Senate 20000328 Co-Sponsor added by Senator Mescher Senate 20000210 Introduced, read first time, 06 SF referred to Committee Versions of This Bill
TO AMEND SECTION 12-6-1170, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE RETIREMENT INCOME DEDUCTION AND THE TAXABLE INCOME DEDUCTION ALLOWED INDIVIDUAL TAXPAYERS WHO HAVE ATTAINED AGE SIXTY-FIVE FOR PURPOSES OF THE SOUTH CAROLINA INCOME TAX ACT, SO AS TO INCREASE THE TAXABLE INCOME DEDUCTION ALLOWED INDIVIDUAL TAXPAYERS WHO HAVE ATTAINED AGE SIXTY-FIVE FROM FIFTEEN THOUSAND DOLLARS TO SEVENTEEN THOUSAND DOLLARS.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 12-6-1170(B) of the 1976 Code, as last amended by Section 28, Part II, Act 100 of 1999, is further amended to read:
"(B) Beginning for the taxable year during which a resident individual taxpayer attains the age of sixty-five years, the resident individual taxpayer is allowed a deduction from South Carolina taxable income received in an amount not to exceed
fifteen seventeen thousand dollars reduced by any amount the taxpayer deducts pursuant to subsection (A) not including amounts deducted as a surviving spouse. If married taxpayers eligible for this deduction file a joint federal income tax return, then the maximum deduction allowed is fifteen thousand dollars in the case when only one spouse has attained the age of sixty-five years and thirty thousand dollars when both spouses have attained such age."
SECTION 2. This act takes effect upon approval by the Governor and applies for taxable years beginning after 1999.
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