South Carolina General Assembly
118th Session, 2009-2010

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H. 3332

STATUS INFORMATION

General Bill
Sponsors: Rep. Gullick
Document Path: l:\council\bills\bbm\9102htc09.docx

Introduced in the House on January 27, 2009
Currently residing in the House Committee on Ways and Means

Summary: Retirement income deduction

HISTORY OF LEGISLATIVE ACTIONS 

     Date      Body   Action Description with journal page number
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   1/27/2009  House   Introduced and read first time HJ-15
   1/27/2009  House   Referred to Committee on Ways and Means HJ-15

View the latest legislative information at the LPITS web site

VERSIONS OF THIS BILL

1/27/2009

(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

A BILL

TO AMEND SECTION 12-6-1170, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE RETIREMENT INCOME DEDUCTION AND THE DEDUCTION ALLOWED TAXPAYERS WHO HAVE ATTAINED AGE SIXTY-FIVE, SO AS TO SUBJECT OTHERWISE TAXABLE RETIREMENT INCOME TO A MAXIMUM STATE INCOME TAX RATE OF TWO PERCENT.

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

SECTION    1.    Section 12-6-1170 of the 1976 Code, as last amended by Act 161 of 2005, is further amended by adding a new subsection at the end to read:

"(C)    Notwithstanding the rates of the income tax imposed on South Carolina taxable income of individuals pursuant Section 12-6-510, that portion of South Carolina taxable income representing retirement income is subject to a maximum income tax rate of two percent. The Department of Revenue shall devise a computation to adjust the liability of a taxpayer to reflect this maximum rate."

SECTION    2.    This act takes effect upon approval by the Governor and applies for taxable years beginning after 2008.

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