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TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 12-6-1165 SO AS TO PROVIDE A DEDUCTION FROM SOUTH CAROLINA TAXABLE INCOME EQUAL TO THE FEDERAL INCOME TAX PERSONAL EXEMPTION ALLOWED A TAXPAYER WHO CLAIMS AS A DEPENDENT ON THE TAXPAYER'S FEDERAL INCOME TAX RETURN A PERSON WHO HAS ATTAINED THE AGE OF SIXTY-FIVE YEARS AND TO ALLOW THIS DEDUCTION ALSO FOR A TAXPAYER WHO WOULD BE ABLE TO CLAIM AS A DEPENDENT A PERSON WHO HAS ATTAINED THE AGE OF SIXTY-FIVE YEARS BUT FOR THE APPLICABLE INCOME TEST.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Article 9, Chapter 6, Title 12 of the 1976 Code is amended by adding:
"Section 12-6-1165. A resident individual taxpayer is allowed a deduction for each dependent claimable on the taxpayer's federal income return if that dependent has attained the age of sixty-five years before or during the applicable taxable year. The deduction also is allowed if the person who has attained the age of sixty-five years could be claimed as a dependent by the taxpayer but for the applicable income test. The deduction allowed by this section is an amount equal to the federal income tax personal exemption amount allowed for the applicable taxable year."
SECTION 2. This act takes effect upon approval by the Governor and applies for taxable years beginning after 2002.
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