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Bill 4735

                    Current Status

Bill Number:                      4735
Type of Legislation:              General Bill GB
Introducing Body:                 House
Introduced Date:                  20020214
Primary Sponsor:                  Clyburn
All Sponsors:                     Clyburn, Hosey, Lourie and Carnell
Drafted Document Number:          l:\council\bills\dka\4681mm02.doc
Residing Body:                    House
Current Committee:                Ways and Means Committee 30 HWM
Subject:                          Lottery prize winner may elect to have 
                                  amount withheld for income tax paid to public 
                                  school, district or institution of higher 
                                  learning of their choice


                        History

Body    Date      Action Description                     Com     Leg Involved
______  ________  ______________________________________ _______ ____________
House   20020214  Introduced, read first time,           30 HWM
                  referred to Committee


              Versions of This Bill

TO AMEND SECTION 59-150-230, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO WITHHOLDING OF A PERCENTAGE OF LOTTERY PRIZE WINNINGS FOR INCOME TAX, SO AS TO ALLOW THE RECIPIENT OF A PRIZE IN EXCESS OF ONE HUNDRED THOUSAND DOLLARS TO ELECT TO HAVE THE AMOUNT WITHHELD FOR STATE INCOME TAX PAID OVER TO THE PUBLIC SCHOOL, SCHOOL DISTRICT, OR INSTITUTION OF HIGHER LEARNING OF HIS CHOICE AND TO PROVIDE THAT THE DESIGNATION DOES NOT GIVE RISE TO A CHARITABLE DEDUCTION OR TO A CHANGE OTHERWISE IN THE RECIPIENT'S TAXABLE INCOME.

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

SECTION    1.    Section 59-150-230(A) of the 1976 Code, as added by Act 59 of 2001, is amended to read:

    "(A)(1)    Lottery prizes are subject to the South Carolina state income tax. Residents and nonresidents of this State who receive a lottery prize in excess of five hundred dollars are subject to a mandatory withholding of state income tax as required by law. Federal income tax must be withheld from lottery prizes in excess of five thousand dollars. Neither the State nor a county, municipality, or other political subdivision of this State may impose a tax on the sale of a lottery ticket or share or on the payment of a prize pursuant to this chapter; nor may a county, municipality, or other political or public subdivision assess an ad valorem tax against a lottery ticket or share bought or sold pursuant to this chapter.

        (2)    The recipient of a prize of more than one hundred thousand dollars may elect to have the commission pay over the amount withheld for state income tax to a public school, public school district, or public institution of higher learning in this State as designated by the prize recipient. The designation provided by this item does not give rise to a charitable deduction for the recipient or to a change otherwise in the recipient's taxable income."

SECTION    2.    This act takes effect upon approval by the Governor and applies to prizes won after that date.

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