South Carolina General Assembly
125th Session, 2023-2024
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Indicates Matter Stricken
Indicates New Matter
Sponsors: Reps. S. Jones, Leber, Burns, Magnuson, Pace, Harris, White, May and Kilmartin
Document Path: LC-0043DG23.docx
Introduced in the House on January 10, 2023
Currently residing in the House
HISTORY OF LEGISLATIVE ACTIONS
|Date||Body||Action Description with journal page number|
|12/8/2022||House||Referred to Committee on Ways and Means|
|1/10/2023||House||Introduced and read first time (House Journal-page 60)|
|1/10/2023||House||Referred to Committee on Ways and Means (House Journal-page 60)|
|1/12/2023||House||Member(s) request name added as sponsor: White, May, Kilmartin|
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VERSIONS OF THIS BILL
to amend the South Carolina Code of Laws by amending Section 12-6-1150, 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 S.C. 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 applies to tax years beginning after 2022.
This web page was last updated on September 8, 2023 at 11:06 AM