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Current Status Bill Number:View additional legislative information at the LPITS web site.3259 Ratification Number:16 Act Number:131 Type of Legislation:Joint Resolution JR Introducing Body:House Introduced Date:19990112 Primary Sponsor:Chellis All Sponsors:Chellis, H. Brown, Seithel, Stuart, Edge, R. Smith, Young-Brickell, Cave, Cato, Tripp, Altman, Robinson, Bailey, Barrett, Beck, Dantzler, Fleming, Leach, Hinson, Loftis, Meacham-Richardson, Sandifer, Riser, Harrell, Witherspoon, Hamilton, Wilkins, Keegan, Kelley, Walker, Rodgers, Neilson, Law, Martin, Webb, Simrill, Limehouse, Gilham, McKay, Govan, Bales, Davenport, Lanford, Sharpe, Knotts, Whatley, Barfield, Lee Drafted Document Number:l:\council\bills\kgh\15178htc99.doc Date Bill Passed both Bodies:19990216 Date of Last Amendment:19990204 Governor's Action:S Date of Governor's Action:19990323 Subject:Retirement income, income tax deduction for certain aging persons; Taxation, Retirement Systems and Pensions History Body Date Action Description Com Leg Involved ______ ________ ______________________________________ _______ ____________ ------ 19990819 Act No. A131 ------ 19990323 Signed by Governor ------ 19990317 Ratified R16 House 19990216 Concurred in Senate amendment, enrolled for ratification House 19990210 Debate adjourned on Senate amendments until Tuesday, 19990216 Senate 19990204 Read third time, returned to House with amendment Senate 19990204 Amended Senate 19990203 Read second time, ordered to third reading with notice of general amendments Senate 19990203 Recalled from Committee 06 SF Senate 19990128 Committed to Committee, retaining 06 SF its place on the Calendar Senate 19990128 Introduced, read first time, placed on Calendar without reference House 19990127 Read third time, sent to Senate House 19990126 Read second time House 19990121 Debate adjourned until Tuesday, 19990126 House 19990120 Debate adjourned House 19990120 Amended House 19990119 Recalled from Committee 30 HWM House 19990112 Introduced, read first time, 30 HWM referred to Committee Versions of This Bill Revised on January 19, 1999 - Word format Revised on January 20, 1999 - Word format Revised on January 26, 1999 - Word format Revised on February 3, 1999 - Word format Revised on February 4, 1999 - Word format
(A131, R16, H3259)
A JOINT RESOLUTION TO ALLOW A STATE INDIVIDUAL INCOME TAX DEDUCTION OF RETIREMENT INCOME, NOT TO EXCEED THREE THOUSAND DOLLARS A YEAR OF SUCH INCOME, FOR TAXABLE YEARS 1994 THROUGH 1997, FOR TAXPAYERS WHO ELECTED TO DEFER A RETIREMENT INCOME DEDUCTION UNTIL AGE SIXTY-FIVE OR WHO FAILED TO MAKE SUCH AN ELECTION.
Be it enacted by the General Assembly of the State of South Carolina:
Deduction allowed
SECTION 1. (A) Regardless of an election made pursuant to Section 12-6-1170 of the 1976 Code to defer until age sixty-five a retirement income deduction, as that section applied for taxable years 1994 through 1997, or in the alternative, in case of a failure to make such an election, a South Carolina individual income taxpayer who received retirement income in one or more of those taxable years and who for one or more of those years claimed no retirement income deduction with respect to that retirement income is allowed a deduction from South Carolina taxable income of retirement income received in such a year not to exceed three thousand dollars.
(B) For purposes of this section, "retirement income" has the meaning provided in Section 12-6-1170(4) of the 1976 Code as this section applied in taxable years 1994 through 1997.
(C) Notwithstanding the provisions of Section 12-54-85(F) of the 1976 Code relating to the timeliness of claims for refunds and for taxable years 1994 and 1995 only, the period within which such claims are timely filed is extended through December 31, 1999, for taxpayers filing a claim pursuant to this section.
Time effective
SECTION 2. This joint resolution takes effect upon approval by the Governor.
Ratified the 17th day of March, 1999.
Approved the 23rd day of March, 1999.
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