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S. 344
STATUS INFORMATION
General Bill
Sponsors: Senator Reese
Document Path: l:\council\bills\bbm\9127htc09.docx
Introduced in the Senate on January 29, 2009
Currently residing in the Senate Committee on Finance
Summary: Income tax deductions
HISTORY OF LEGISLATIVE ACTIONS
Date Body Action Description with journal page number ------------------------------------------------------------------------------- 1/29/2009 Senate Introduced and read first time SJ-4 1/29/2009 Senate Referred to Committee on Finance SJ-4
View the latest legislative information at the LPITS web site
VERSIONS OF THIS BILL
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 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 TO PHASE IN THIS DEDUCTION OVER FOUR YEARS.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 12-6-1140 of the 1976 Code, last amended by Act 353 of 2008, 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. The deduction is prorated for a part-year resident.
(b) Taxable year Deduction allowed
2009 25 percent
2010 50 percent
2011 75 percent
after 2011 100 percent."
SECTION 2. This act takes effect upon approval by the Governor and applies for taxable years beginning after 2008.
This web page was last updated on Monday, October 10, 2011 at 12:14 P.M.