South Carolina General Assembly
114th Session, 2001-2002

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Bill 129


Indicates Matter Stricken
Indicates New Matter


                    Current Status

Bill Number:                      129
Type of Legislation:              Joint Resolution JR
Introducing Body:                 Senate
Introduced Date:                  20010111
Primary Sponsor:                  Moore
All Sponsors:                     Moore and Setzler
Drafted Document Number:          l:\s-res\tlm\011reti.kad.doc
Residing Body:                    Senate
Current Committee:                Finance Committee 06 SF
Subject:                          Retirement income for certain aging, date 
                                  for filing claim for refund extended; 
                                  Retirement Systems, Taxation, Income tax


                        History

Body    Date      Action Description                     Com     Leg Involved
______  ________  ______________________________________ _______ ____________
Senate  20010111  Introduced, read first time,           06 SF
                  referred to Committee


              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 JOINT RESOLUTION

TO ALLOW A STATE INDIVIDUAL INCOME TAX DEDUCTION OF RETIREMENT INCOME, NOT TO EXCEED THREE THOUSAND DOLLARS A YEAR OF SUCH INCOME, FOR TAXABLE YEARS 1993 THROUGH 1997, FOR TAXPAYERS WHO ELECTED TO DEFER A RETIREMENT INCOME DEDUCTION UNTIL AGE SIXTY-FIVE OR WHO FAILED TO MAKE SUCH AN ELECTION.

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

SECTION 1. (A) Regardless of an election made pursuant to Section 12-6-1170 of the 1976 Code to defer until age sixty-five a retirement income deduction, as that section applied for taxable years 1993 through 1997, or in the alternative, in case of a failure to make such an election, a South Carolina individual income taxpayer who received retirement income in one or more of those taxable years and who for one or more of those years claimed no retirement income deduction with respect to that retirement income is allowed a deduction from South Carolina taxable income of retirement income received in such a year not to exceed three thousand dollars.

(B) For purposes of this section, "retirement income" has the meaning provided in Section 12-6-1170(4) of the 1976 Code as this section applied in taxable years 1993 through 1997.

(C) Notwithstanding the provisions of Section 12-54-85(F) of the 1976 Code relating to the timeliness of claims for refunds and for taxable years 1993, 1994, 1995, 1996 only, the period within which such claims are timely filed is extended through April 15, 2002, for taxpayers filing a claim pursuant to this section.

SECTION 2. This joint resolution act takes effect upon approval by the Governor.

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