Current Status Bill Number:4923 Type of Legislation:General Bill GB Introducing Body:House Introduced Date:19960411 Primary Sponsor:Richardson All Sponsors:Richardson Drafted Document Number:jic\5199htc.95 Residing Body:House Current Committee:Ways and Means Committee 30 HWM Subject:Income tax deductions increased for aging
Body Date Action Description Com Leg Involved ______ ________ _______________________________________ _______ ____________ House 19960411 Introduced, read first time, 30 HWM referred to CommitteeView additional legislative information at the LPITS web site.
TO AMEND SECTION 12-7-435, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO DEDUCTIONS FOR SOUTH CAROLINA TAXABLE INCOME FOR PURPOSES OF THE STATE INDIVIDUAL INCOME TAX, SO AS TO PROVIDE AN INCREASING DEDUCTION FOR RESIDENT INDIVIDUALS SIXTY-FIVE YEARS OF AGE AND OLDER AND TO PROVIDE FOR THE ALLOCATION OF INCOME BETWEEN SPOUSES.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 12-7-435 of the 1976 Code is amended by adding an appropriately lettered item to read:
"( ) A percentage of South Carolina taxable income received by a resident individual according to the following schedule of ages and deduction percentages:
Taxpayer's Age at Deduction
End of Taxable Year Percentage
sixty-five years twenty percent
sixty-six years forty percent
sixty-seven years sixty percent
sixty-eight years eighty percent
more than sixty-eight
years one hundred percent
If a married individual eligible for this deduction files a joint federal income tax return with a spouse who is not eligible for this deduction or if spouses filing a joint federal income tax return are eligible for different deduction percentages, then South Carolina taxable income must be allocated between the spouses in the manner that the department shall prescribe and the deductions allowed from the allocated income. No deduction is allowed from income allocated to a spouse who has not attained the age of sixty-five years at the end of the applicable taxable year."
SECTION 2. Upon approval by the Governor, this act is effective for taxable years beginning after 1994.