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Current Status Bill Number:View additional legislative information at the LPITS web site.3233 Type of Legislation:General Bill GB Introducing Body:House Introduced Date:19990112 Primary Sponsor:Limehouse All Sponsors:Limehouse, Allison, Bauer, Cotty, Harrison, Harvin, Kirsh, Klauber, Sandifer, Webb, Wilkins, Woodrum, Edge, Robinson, Campsen, Rodgers, Hinson Drafted Document Number:l:\council\bills\kgh\15169htc99.doc Residing Body:House Current Committee:Ways and Means Committee 30 HWM Subject:Income tax deduction, two year special state holding period requirement deleted; Taxation History Body Date Action Description Com Leg Involved ______ ________ ______________________________________ _______ ____________ House 19990203 Co-Sponsor added (Rule 5.2) by Rep. Hinson House 19990121 Co-Sponsor added (Rule 5.2) by Rep. Rodgers House 19990114 Co-Sponsor added (Rule 5.2) by Rep. Campsen House 19990112 Introduced, read first time, 30 HWM referred to Committee House 19990106 Prefiled, referred to Committee 30 HWM Versions of This Bill
TO AMEND SECTION 12-6-1150, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE DEDUCTION OF A PORTION OF NET CAPITAL GAINS FROM SOUTH CAROLINA TAXABLE INCOME OF INDIVIDUALS, ESTATES, AND TRUSTS FOR PURPOSES OF THE SOUTH CAROLINA INCOME TAX ACT, SO AS TO DELETE THE TWO YEAR SPECIAL STATE HOLDING PERIOD REQUIRED FOR THE STATE DEDUCTION.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 12-6-1150(B)(2) of the 1976 Code, as added by Act 76 of 1995, is amended to read:
"(2) Net capital gain is as defined in the Internal Revenue Code, as amended through December 31, 1988, except that the required holding period is two or more years."
SECTION 2. Upon approval by the Governor, this act is effective for taxable years beginning after 1998.
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