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Current Status Bill Number:View additional legislative information at the LPITS web site.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
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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