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Bill 273

                    Current Status

Bill Number:                      273
Type of Legislation:              General Bill GB
Introducing Body:                 Senate
Introduced Date:                  20010206
Primary Sponsor:                  Wilson
All Sponsors:                     Wilson
Drafted Document Number:          l:\council\bills\bbm\9820htc01.doc
Residing Body:                    Senate
Current Committee:                Finance Committee 06 SF
Subject:                          Income tax credit on joint returns, 
                                  alternative credit calculation provided; 
                                  Taxation, Domestic Relations


                        History

Body    Date      Action Description                     Com     Leg Involved
______  ________  ______________________________________ _______ ____________
Senate  20010206  Introduced, read first time,           06 SF
                  referred to Committee


              Versions of This Bill

TO AMEND SECTION 12-6-3330, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE TAX CREDIT ALLOWED ON A JOINT INCOME TAX RETURN FOR THE EARNED INCOME OF A SPOUSE, SO AS TO PROVIDE AN ALTERNATIVE CREDIT CALCULATION THAT EQUALS THE DIFFERENCE BETWEEN THE SOUTH CAROLINA INCOME TAX DUE ON THE JOINT RETURN AND THE TOTAL OF THE TAX THAT WOULD BE DUE IF BOTH SPOUSES FILED SEPARATELY, TO DELETE PROVISIONS LIMITING THE CREDIT TO EARNED INCOME AND TO ALLOW TAXPAYERS TO ELECT THE CALCULATION ALLOWING THE LARGER CREDIT.

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

SECTION 1. Section 12-6-3330 of the 1976 Code, as added by Act 76 of 1995, is amended by adding at the end:

"(E) As an alternative to the credit provided pursuant to subsections (A) through (D) of this section, resident married individuals may claim a credit equal to the difference between the total tax due on the joint return and the total of the tax that would be due from both spouses if they were allowed to file separately, regardless of the filing status on their federal income tax return. Taxpayers may elect the credit allowed pursuant to this subsection if it exceeds the credit allowed them pursuant to subsections (A) through (D)."

SECTION 2. Upon approval by the Governor, this act is effective for taxable years beginning after 2000.

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