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TO AMEND SECTION 12-6-1130, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO MODIFICATIONS TO SOUTH CAROLINA TAXABLE INCOME FOR PURPOSES OF THE SOUTH CAROLINA INCOME TAX ACT, SO AS TO DISALLOW AMOUNTS DEDUCTED BY AN INDIVIDUAL ON THAT INDIVIDUAL'S FEDERAL INCOME TAX RETURN FOR CHARITABLE CONTRIBUTIONS TO ENTITIES WHO APPLY LESS THAN SEVENTY-FIVE PERCENT OF TOTAL AMOUNTS COLLECTED TO THE ENTITY'S CHARITABLE PURPOSE AS CERTIFIED BY THE SECRETARY OF STATE.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 12-6-1130 of the 1976 Code, as amended by Act 363 of 2002, is further amended by adding an appropriately numbered item at the end to read:
"( ) A charitable deduction claimed by an individual taxpayer on the taxpayer's federal income tax return is disallowed in determining that taxpayer's South Carolina taxable income if the deduction is to an organization that applies less than seventy-five percent of its total collections to its charitable purpose as certified by the Secretary of State."
SECTION 2. This act takes effect upon approval by the Governor and applies for taxable years beginning after 2002.
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