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Indicates Matter Stricken
Indicates New Matter
TO AMEND SECTION 12-6-1140, AS AMENDED, 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, as last amended by Act 363 of 2002, is further 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
2003 ten percent
2004 twenty percent
after 2004 twenty-five percent"
SECTION 2. This act takes effect upon approval by the Governor and applies for taxable years beginning after 2002.
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