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TO AMEND SECTION 12-6-1140, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO DEDUCTIONS ALLOWED FROM THE SOUTH CAROLINA TAXABLE INCOME OF AN INDIVIDUAL FOR PURPOSES OF THE SOUTH CAROLINA INCOME TAX ACT, SO AS TO ALLOW A DEDUCTION FROM TAXABLE INCOME ON ALL AMOUNTS RECEIVED FROM ALL PUBLIC EMPLOYEE RETIREMENT PLANS OF FEDERAL, STATE, AND LOCAL GOVERNMENTS, INCLUDING MILITARY RETIREMENT, BY AN INDIVIDUAL TAXPAYER WHO HAS ATTAINED THE AGE OF SIXTY-FIVE YEARS.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 12-6-1140 of the 1976 Code, as last amended by Act 363 of 2002, is further amended by adding an appropriately numbered item at the end to read:
"( ) to the extent not already deducted pursuant to Section 12-6-1170(A), amounts received by a taxpayer from a public employee retirement plan of the federal government, or a state or local government, or any combination of these plans, if the taxpayer has attained the age of sixty-five years as of the applicable tax year."
SECTION 2. This act takes effect upon approval by the Governor and applies for taxable years beginning after 2002.
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