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TO AMEND SECTION 12-6-1140, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO DEDUCTIONS FROM SOUTH CAROLINA TAXABLE INCOME OF INDIVIDUALS FOR PURPOSES OF THE SOUTH CAROLINA INCOME TAX ACT, SO AS TO ALLOW A DEDUCTION OF OTHERWISE TAXABLE MILITARY PAY AND ALLOWANCES OF A RESIDENT OF THIS STATE ON ACTIVE DUTY IN THE ARMED FORCES OF THE UNITED STATES AND TO PHASE IN THIS DEDUCTION OVER FOUR YEARS.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 12-6-1140 of the 1976 Code, as amended by Act 116 of 2007, is further amended by adding an appropriately numbered item at the end to read:
"( )(a) the percentage provided in subitem (b) of otherwise taxable active duty military pay and allowances received by a resident taxpayer who is a member of the Armed Forces of the United States on active duty. The deduction is prorated for a part-year resident.
(b) Taxable year Deduction allowed
2008 25 percent
2009 50 percent
2010 75 percent
after 2010 100 percent."
SECTION 2. This act takes effect upon approval by the Governor and applies for taxable years beginning after 2007.
This web page was last updated on Monday, June 22, 2009 at 3:01 P.M.