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Bill 3511

                    Current Status

Bill Number:                      3511
Type of Legislation:              General Bill GB
Introducing Body:                 House
Introduced Date:                  20010208
Primary Sponsor:                  Knotts
All Sponsors:                     Knotts, Keegan, Trotter, Whatley and 
                                  Witherspoon
Drafted Document Number:          l:\council\bills\swb\5140htc01.doc
Companion Bill Number:            409
Residing Body:                    House
Current Committee:                Ways and Means Committee 30 HWM
Subject:                          Retirement income, maximum amount which 
                                  may be deducted increased; Aging, Taxation, 
                                  Income tax, exemptions


                        History

Body    Date      Action Description                     Com     Leg Involved
______  ________  ______________________________________ _______ ____________
------  20010306  Companion Bill No. 409
House   20010208  Introduced, read first time,           30 HWM
                  referred to Committee


              Versions of This Bill

TO AMEND SECTION 12-6-1170, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE RETIREMENT INCOME DEDUCTION AND THE TAXABLE INCOME DEDUCTION ALLOWED INDIVIDUAL TAXPAYERS WHO HAVE ATTAINED AGE SIXTY-FIVE FOR PURPOSES OF THE SOUTH CAROLINA INCOME TAX ACT, SO AS TO INCREASE THE TAXABLE INCOME DEDUCTION ALLOWED INDIVIDUAL TAXPAYERS WHO HAVE ATTAINED AGE SIXTY-FIVE FROM FIFTEEN THOUSAND DOLLARS TO TWENTY THOUSAND DOLLARS.

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

SECTION    1.    Section 12-6-1170(B) of the 1976 Code is 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 fifteen twenty thousand dollars 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 fifteen twenty thousand dollars in the case when only one spouse has attained the age of sixty-five years and thirty forty thousand dollars when both spouses have attained such age."

SECTION    2.    Upon approval of the Governor, this act applies for taxable years beginning after 2000.

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