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497Type of Legislation: General Bill GBIntroducing Body: SenateIntroduced Date: 20010322Primary Sponsor: RankinAll Sponsors: RankinDrafted Document Number: l:\s-res\lar\017tuit.whb.docResiding Body: SenateCurrent Committee: Finance Committee 06 SFSubject: Tuition Prepayment Program, income tax deduction provided for contributors to; Colleges and Universities, TaxationHistory Body Date Action Description Com Leg Involved ______ ________ ______________________________________ _______ ____________ Senate 20010322 Introduced, read first time, 06 SF referred to Committee Versions of This Bill
TO AMEND SECTION 59-4-100, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE SOUTH CAROLINA TUITION PREPAYMENT PROGRAM, SO AS TO AUTHORIZE AN INCOME TAX DEDUCTION BY A CONTRIBUTOR TO THIS PROGRAM; AND TO AMEND SECTION 12-6-1140 OF THE 1976 CODE, RELATING TO DEDUCTIONS FROM INDIVIDUAL TAXABLE INCOME SO AS TO CONFORM THESE PROVISIONS WITH THE DEDUCTION AUTHORIZED IN SECTION 59-4-100.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 59-4-100 of the 1976 Code is amended to read:
"Section 59-4-100. Notwithstanding any other provision of law, neither the program nor the fund is liable for income taxes, and neither the program nor the fund is liable for local taxes, fees, or assessments. In addition, contributions to the fund credited to a beneficiary's account
do not entitle the contributor to a deduction for purposes of the state individual income tax, nor must and these contributions must not be included in the South Carolina gross income of the beneficiary or anyone required to support the beneficiary. Furthermore, earnings on the account, tuition waivers, credits or payments for tuition, or any money or payout that the designated beneficiary receives or from which he benefits to the extent that the payments are used for tuition expenses during the same calendar year in which they are received shall not be included in the South Carolina gross income of the beneficiary or anyone required to support the beneficiary."
SECTION 2. Section 12-6-1140 of the 1976 Code is amended by adding an appropriately numbered new subsection to read:
"( ) a contribution to the South Carolina Tuition Prepayment Program as provided in Section 59-4-100."
SECTION 3. This act takes effect upon approval by the Governor.
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