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TO AMEND SECTION 12-6-1140, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO DEDUCTIONS FROM INDIVIDUAL TAXABLE INCOME, SO AS TO PROVIDE THAT STOCK DIVIDENDS REPORTED ON A TAXPAYER'S INDIVIDUAL FEDERAL INCOME TAX RETURN FROM ANY YEAR ARE DEDUCTIBLE ON THE TAXPAYER'S STATE INDIVIDUAL INCOME TAX RETURN FOR THAT YEAR.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 12-6-1140 of the 1976 Code, as last amended by Act 363 of 2002, is amended by adding a new item (12) to read:
"(12) stock dividends reported on a taxpayer's individual federal income tax return for any year are deductible on the taxpayer's state individual income tax return for that year."
SECTION 2. This act takes effect upon approval by the Governor.
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