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Current Status Bill Number:View additional legislative information at the LPITS web site.1203 Type of Legislation:General Bill GB Introducing Body:Senate Introduced Date:20000301 Primary Sponsor:Richardson All Sponsors:Richardson, Mescher, Branton, Fair, Martin, Ryberg, Peeler, Wilson, Ravenel, McConnell, Courson and Bauer Drafted Document Number:l:\s-res\shr\003inco.whb.doc Residing Body:Senate Current Committee:Finance Committee 06 SF Subject:Retirement income, one hundred percent deduction for aging when at least seventy, phase-in provisions; Taxation History Body Date Action Description Com Leg Involved ______ ________ ______________________________________ _______ ____________ Senate 20000301 Introduced, read first time, 06 SF referred to Committee Versions of This Bill
TO AMEND SECTION 12-6-1170, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO DEDUCTIONS FROM SOUTH CAROLINA TAXABLE INCOME FOR PURPOSES OF THE STATE INDIVIDUAL INCOME TAX, SO AS TO PROVIDE A DEDUCTION OF ONE HUNDRED PERCENT OF TAXABLE INCOME FOR TAXPAYERS AT LEAST SEVENTY YEARS OF AGE AND TO PROVIDE THE PHASE-IN OF AN INCOME TAX DEDUCTION BEYOND THE 1999 TAXABLE YEAR, AND TO PROVIDE PROCEDURES TO IMPLEMENT THIS DEDUCTION.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 12-6-1170(B) of the 1976 Code, as last amended by Act 100, Part II, Section 28 of 1999, is further amended to read:
"(B) Beginning for the taxable year during which a resident individual taxpayer attains the age of sixty-five years through age seventy and beyond, the resident individual taxpayer is allowed a deduction from South Carolina taxable income received in an amount not to exceed equal to fifteen thousand dollars or as provided in the schedule below, whichever amount is greater, reduced by any amount the taxpayer deducts pursuant to subsection (A) not including amounts deducted as a surviving spouse. If married taxpayers eligible for this deduction file a joint federal income tax return, then the maximum deduction allowed is fifteen thousand dollars or the amount as specified in the schedule below, whichever is greater, in the case when only one spouse has attained the age of sixty-five years or older, as may be applicable, and thirty thousand dollars or twice the specified amount, whichever is greater, when both spouses have attained such age.
Age Deduction
66 20%
67 40%
68 60%
69 80%
70 and above 100% of taxable income."
SECTION 2. This act takes effect upon approval by the Governor and applies for taxable years beginning after 1999.
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