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Current Status Bill Number:View additional legislative information at the LPITS web site.51 Type of Legislation:General Bill GB Introducing Body:Senate Introduced Date:19990112 Primary Sponsor:Giese All Sponsors:Giese, Elliott, Wilson, Branton, McGill, Hayes, Leatherman, Reese, Setzler Drafted Document Number:l:\council\bills\bbm\1003htc99.doc Residing Body:Senate Current Committee:Finance Committee 06 SF Subject:Income tax deduction on retirement income, maximum amount increased for aging; Taxation History Body Date Action Description Com Leg Involved ______ ________ ______________________________________ _______ ____________ Senate 19990112 Introduced, read first time, 06 SF referred to Committee Senate 19981118 Prefiled, referred to Committee 06 SF 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 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 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 thousand five hundred dollars in the case when only one spouse has attained the age of sixty-five years and twenty-three forty 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 for individual taxpayers attaining the age of sixty-five years during or before 1999.
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