Current Status Bill Number:161 Type of Legislation:General Bill GB Introducing Body:Senate Introduced Date:19970114 Primary Sponsor:Giese All Sponsors:Giese, Passailaigue, Alexander, Bryan, Elliott, Jackson, Lander, Mescher, Reese, Setzler, Wilson, McGill and Holland Drafted Document Number:council\legis\bills\bbm\10984ac .97 Companion Bill Number:3306 Residing Body:Senate Current Committee:Finance Committee 06 SF Subject:Long-term care insurance premiums, income tax credit for, aging, taxation
Body Date Action Description Com Leg Involved
______ ________ _______________________________________ _______ ____________
Senate 19970114 Introduced, read first time, 06 SF
referred to Committee
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TO AMEND SECTION 12-6-3390, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO INCOME TAX CREDIT FOR A PERCENTAGE OF EXPENSES PAID TO A NURSING FACILITY OR FOR IN-HOME OR COMMUNITY CARE, SO AS TO ALSO AUTHORIZE THIS CREDIT FOR A PERCENTAGE OF PREMIUMS PAID FOR LONG-TERM CARE INSURANCE.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 12-6-3390 of the 1976 Code, as added by Act 76 of 1995, is amended to read:
"Section 12-6-3390. An individual taxpayer may claim an income tax credit for twenty percent of:
(1) the expenses paid by the taxpayer for his own support or the support of another to an institution providing nursing facility level of care or to a provider for in-home or community care for persons determined to meet nursing facility level of care criteria as certified by a licensed physician.;
(2) long-term care insurance premiums paid by the taxpayer for the taxpayer's own insurance or for insurance for a spouse or dependent.
The credit provided for in item (1) or (2) is limited to three hundred dollars each and six hundred dollars total each taxable year. However, no credit is allowed for expenses paid from public source funds."
SECTION 2. The amendments to Section 12-6-3390 of the 1976 Code as contained in Section 1 of this act are effective for taxable years beginning after 1997.