South Carolina General Assembly
110th Session, 1993-1994

Bill 275


Indicates Matter Stricken
Indicates New Matter


                    Current Status

Introducing Body:               Senate
Bill Number:                    275
Primary Sponsor:                Reese
Committee Number:               06
Type of Legislation:            GB
Subject:                        Income tax deduction,
                                interest on charge cards
Residing Body:                  Senate
Current Committee:              Finance
Computer Document Number:       JIC/5203HC.93
Introduced Date:                19930126    
Last History Body:              Senate
Last History Date:              19930126    
Last History Type:              Introduced, read first time,
                                referred to Committee
Scope of Legislation:           Statewide
All Sponsors:                   Reese
Type of Legislation:            General Bill



History


Bill  Body    Date          Action Description              CMN  Leg Involved
____  ______  ____________  ______________________________  ___  ____________

275   Senate  19930126      Introduced, read first time,    06
                            referred to Committee

View additional legislative information at the LPITS web site.


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

A BILL

TO AMEND SECTION 12-7-430, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO ADJUSTMENTS TO INCOME FOR STATE TAXABLE INCOME PURPOSES FOR INDIVIDUALS, SO AS TO PROVIDE A DEDUCTION FOR INTEREST PAID ON REVOLVING CHARGE CARDS AND ACCOUNTS AND PURCHASE MONEY LOANS FOR MOTOR VEHICLES.

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

SECTION 1. Section 12-7-430 of the 1976 Code, as last amended by Section 47, Part II, Act 171 of 1991, is further amended by adding an appropriately lettered item to read:

"( ) South Carolina taxable income for individuals does not include interest paid on revolving charge cards and accounts and purchase money loans for motor vehicles."

SECTION 2. Upon approval by the Governor, this act is effective for taxable years beginning after 1992.

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