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Current Status Bill Number:View additional legislative information at the LPITS web site.3326 Type of Legislation:General Bill GB Introducing Body:House Introduced Date:19990121 Primary Sponsor:W. McLeod All Sponsors:W. McLeod Drafted Document Number:l:\council\bills\kgh\15196htc99.doc Residing Body:House Current Committee:Ways and Means Committee 30 HWM Subject:Retirement income, income tax deduction for certain aging persons; Taxation, Retirement Systems and Pensions History Body Date Action Description Com Leg Involved ______ ________ ______________________________________ _______ ____________ House 19990121 Introduced, read first time, 30 HWM referred to Committee Versions of This Bill
TO AMEND SECTION 12-6-1170, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE RETIREMENT INCOME DEDUCTION AND THE TAXABLE INCOME DEDUCTION ALLOWED INDIVIDUAL TAXPAYERS WHO HAVE OBTAINED AGE SIXTY-FIVE, SO AS TO INCREASE THE TAXABLE INCOME DEDUCTION ALLOWED INDIVIDUAL TAXPAYERS WHO HAVE ATTAINED AGE SIXTY-FIVE FROM ELEVEN THOUSAND FIVE HUNDRED DOLLARS TO TWENTY-THREE THOUSAND DOLLARS.
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 Section 49 I.B., Part II, Act 419 of 1998, is further amended to read:
"(B) Beginning for the taxable year during which a resident individual taxpayer attains the age of sixty-five years, the resident individual taxpayer is allowed a deduction from South Carolina taxable income received in an amount not to exceed eleven twenty-three thousand five hundred dollars 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 eleven twenty-three thousand five hundred dollars in the case when only one spouse has attained the age of sixty-five years and twenty-three forty-six thousand dollars when both spouses have attained such age."
SECTION 2. This act takes effect upon approval by the Governor and first applies for taxable years beginning after 1998.
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