South Carolina General Assembly
113th Session, 1999-2000

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Bill 3233

Indicates Matter Stricken
Indicates New Matter

                    Current Status

Bill Number:                      3233
Type of Legislation:              General Bill GB
Introducing Body:                 House
Introduced Date:                  19990112
Primary Sponsor:                  Limehouse
All Sponsors:                     Limehouse, Allison, Bauer, Cotty, 
                                  Harrison, Harvin, Kirsh, Klauber, Sandifer, 
                                  Webb, Wilkins, Woodrum, Edge, Robinson, 
                                  Campsen, Rodgers, Hinson
Drafted Document Number:          l:\council\bills\kgh\15169htc99.doc
Residing Body:                    House
Current Committee:                Ways and Means Committee 30 HWM
Subject:                          Income tax deduction, two year special 
                                  state holding period requirement deleted; 
                                  Taxation


                        History

Body    Date      Action Description                     Com     Leg Involved
______  ________  ______________________________________ _______ ____________
House   19990203  Co-Sponsor added (Rule 5.2) by Rep.            Hinson
House   19990121  Co-Sponsor added (Rule 5.2) by Rep.            Rodgers
House   19990114  Co-Sponsor added (Rule 5.2) by Rep.            Campsen
House   19990112  Introduced, read first time,           30 HWM
                  referred to Committee
House   19990106  Prefiled, referred to Committee        30 HWM


                             Versions of This Bill
View additional legislative information at the LPITS web site.

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

A BILL

TO AMEND SECTION 12-6-1150, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE DEDUCTION OF A PORTION OF NET CAPITAL GAINS FROM SOUTH CAROLINA TAXABLE INCOME OF INDIVIDUALS, ESTATES, AND TRUSTS FOR PURPOSES OF THE SOUTH CAROLINA INCOME TAX ACT, SO AS TO DELETE THE TWO YEAR SPECIAL STATE HOLDING PERIOD REQUIRED FOR THE STATE DEDUCTION.

Be it enacted by the General Assembly of the State of South Carolina:

SECTION 1. Section 12-6-1150(B)(2) of the 1976 Code, as added by Act 76 of 1995, is amended to read:

"(2) Net capital gain is as defined in the Internal Revenue Code, as amended through December 31, 1988, except that the required holding period is two or more years."

SECTION 2. Upon approval by the Governor, this act is effective for taxable years beginning after 1998.

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