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657Type of Legislation: General Bill GBIntroducing Body: SenateIntroduced Date: 20010501Primary Sponsor: GroomsAll Sponsors: GroomsDrafted Document Number: l:\council\bills\nbd\11607htc01.docResiding Body: SenateCurrent Committee: Finance Committee 06 SFSubject: Income tax deductions, military pay of resident on active duty in U.S. armed forces outside state allowed; Veterans'History Body Date Action Description Com Leg Involved ______ ________ ______________________________________ _______ ____________ Senate 20010501 Introduced, read first time, 06 SF referred to Committee Versions of This Bill
TO AMEND SECTION 12-6-1140, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO DEDUCTIONS FROM SOUTH CAROLINA TAXABLE INCOME OF INDIVIDUALS FOR PURPOSES OF THE SOUTH CAROLINA INCOME TAX ACT, SO AS TO ALLOW A DEDUCTION EQUAL TO TWENTY-FIVE PERCENT OF OTHERWISE TAXABLE MILITARY PAY AND ALLOWANCES OF A RESIDENT OF THIS STATE ON ACTIVE DUTY IN THE ARMED FORCES OF THE UNITED STATES AND STATIONED OUTSIDE OF THIS STATE AND TO PHASE IN THIS DEDUCTION OVER THREE YEARS.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 12-6-1140 of the 1976 Code is amended by adding an appropriately numbered item at the end to read:
"( )(a) the percentage provided in subitem (b) of otherwise taxable active duty military pay and allowances received by a resident taxpayer who is a member of the armed forces of the United States on active duty and stationed outside of this State. The deduction is prorated for a part of a taxable year the taxpayer is stationed in this State.
(b) Taxable year Deduction allowed
2001 ten percent
2002 twenty percent
after 2002 twenty-five percent"
SECTION 2. This act takes effect upon approval by the Governor and applies for taxable years beginning after 2000.
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