South Carolina General Assembly
124th Session, 2021-2022

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Indicates Matter Stricken
Indicates New Matter

H. 3378

STATUS INFORMATION

General Bill
Sponsors: Rep. Jones
Document Path: l:\council\bills\nbd\11073dg21.docx

Introduced in the House on January 12, 2021
Currently residing in the House Committee on Ways and Means

Summary: Capital gains

HISTORY OF LEGISLATIVE ACTIONS

     Date      Body   Action Description with journal page number
-------------------------------------------------------------------------------
   12/9/2020  House   Prefiled
   12/9/2020  House   Referred to Committee on Ways and Means
   1/12/2021  House   Introduced and read first time (House Journal-page 176)
   1/12/2021  House   Referred to Committee on Ways and Means 
                        (House Journal-page 176)

View the latest legislative information at the website

VERSIONS OF THIS BILL

12/9/2020

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

A BILL

TO AMEND SECTION 12-6-1150, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO A DEDUCTION ON CAPITAL GAINS, SO AS TO PROVIDE FOR A ONE HUNDRED PERCENT EXEMPTION ON ANY CAPITAL GAIN RECOGNIZED FROM THE SALE OF CERTAIN METALS.

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

SECTION    1.    Section 12-6-1150(A) of the 1976 Code is amended to read:

    "(A)    Individuals, estates, and trusts are allowed a deduction from South Carolina taxable income equal to forty-four percent of net capital gain recognized in this State during a taxable year, except for the portion of the capital gain that was recognized from the sale of gold, silver, platinum bullion, or any combination of this bullion, for which the deduction equals one hundred percent of such capital gain. In the case of estates and trusts, the deduction is applicable only to income taxed to the estate or trust or individual beneficiaries and not income passed through to nonindividual beneficiaries."

SECTION    2.    This act takes effect upon approval by the Governor and first applies to tax years beginning after 2020.

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This web page was last updated on January 26, 2021 at 10:23 AM