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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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