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3100Type of Legislation: General Bill GBIntroducing Body: HouseIntroduced Date: 19990112Primary Sponsor: ClyburnAll Sponsors: Clyburn, SimrillDrafted Document Number: l:\council\bills\dka\3074mm99.docResiding Body: HouseCurrent Committee: Ways and Means Committee 30 HWMSubject: Income tax deductions on retirement income, aging; maximum amount increased, TaxationHistory Body Date Action Description Com Leg Involved ______ ________ ______________________________________ _______ ____________ House 19990112 Introduced, read first time, 30 HWM referred to Committee House 19981209 Prefiled, referred to Committee 30 HWM Versions of This Bill
TO AMEND SECTION 12-6-1170, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO DEDUCTIONS FROM SOUTH CAROLINA TAXABLE INCOME, SO AS TO INCREASE FROM TEN THOUSAND DOLLARS TO FIFTEEN THOUSAND DOLLARS THE MAXIMUM AMOUNT OF RETIREMENT INCOME WHICH MAY BE DEDUCTED FROM TAXABLE INCOME BY A TAXPAYER OVER AGE SIXTY-FIVE.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 12-6-1170(A)(1) of the 1976 Code, as last amended by Act 419 of 1998, is further amended to read:
"(1) An individual is allowed an annual deduction from South Carolina taxable income of not more than three thousand dollars of retirement income received. Beginning in the year in which the taxpayer reaches age sixty-five, the taxpayer may deduct not more than
ten fifteen thousand dollars of retirement income that is included in South Carolina taxable income."
SECTION 2. This act takes effect upon approval by the Governor.
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