South Carolina General Assembly
113th Session, 1999-2000

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Bill 130


Indicates Matter Stricken
Indicates New Matter


                    Current Status

Bill Number:                      130
Type of Legislation:              General Bill GB
Introducing Body:                 Senate
Introduced Date:                  19990112
Primary Sponsor:                  Passailaigue
All Sponsors:                     Passailaigue, McConnell, Wilson, Elliott, 
                                  Giese, Branton, Courson, Reese, Setzler, 
                                  Mescher
Drafted Document Number:          l:\s-res\elp\002srci.efd.doc
Residing Body:                    Senate
Current Committee:                Finance Committee 06 SF
Subject:                          Income tax, retirement income; maximum 
                                  deduction for aging, phased in deduction over 
                                  next five taxable years


                        History

Body    Date      Action Description                     Com     Leg Involved
______  ________  ______________________________________ _______ ____________
Senate  20000314  Co-Sponsor added by Senator                    Mescher
Senate  19990112  Introduced, read first time,           06 SF
                  referred to Committee
Senate  19981118  Prefiled, referred to Committee        06 SF


              Versions of This Bill

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(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

A BILL

TO AMEND SECTION 12-6-1170, AS AMENDED, OF THE CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO DEDUCTIONS FROM SOUTH CAROLINA TAXABLE INCOME FOR PURPOSES OF THE STATE INDIVIDUAL INCOME TAX, SO AS TO PROVIDE A DEDUCTION OF ONE HUNDRED PERCENT OF TAXABLE INCOME FOR TAXPAYERS AT LEAST SIXTY-FIVE YEARS OF AGE, PHASED IN OVER FIVE TAXABLE YEARS WITH A MAXIMUM DEDUCTION OF $17,500 FOR THE 1998 TAXABLE YEAR, AND TO PROVIDE PROCEDURES TO IMPLEMENT THIS DEDUCTION.

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 Act 419, Part II, Section 49, of 1998, 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 eleven thousand five hundred dollars as provided in the schedule below, 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 eleven thousand five hundred dollars the amount as specified in the schedule below in the case when only one spouse has attained the age of sixty-five years and twenty-three thousand dollars twice the specified amount when both spouses have attained such age. Taxable Year Maximum Deduction Allowed

1999 17,500

2000 25,000

2001 37,000

2002 50,000

After 2003 100% of taxable income."

SECTION 2. This act takes effect upon approval by the Governor and applies for taxable years beginning after 1998.

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