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Sponsors: Reps. White, Forrest, G.R. Smith and Bustos
Document Path: l:\council\bills\nbd\11271dg22.docx
Introduced in the House on January 11, 2022
Currently residing in the House Committee on Ways and Means
Summary: Tax credit for home office
HISTORY OF LEGISLATIVE ACTIONS
Date Body Action Description with journal page number ------------------------------------------------------------------------------- 11/17/2021 House Prefiled 11/17/2021 House Referred to Committee on Ways and Means 1/11/2022 House Introduced and read first time (House Journal-page 69) 1/11/2022 House Referred to Committee on Ways and Means (House Journal-page 69)
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VERSIONS OF THIS BILL
TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 12-6-3810 SO AS TO PROVIDE AN INCOME TAX CREDIT FOR TAXPAYERS THAT UTILIZE A HOME OFFICE; AND TO AMEND SECTION 12-6-1120, RELATING TO THE COMPUTATION OF SOUTH CAROLINA GROSS INCOME, SO AS TO EXCLUDE ANY GAIN RESULTING FROM THE SALE OF A TAXPAYER'S HOME THAT WAS NOT EXCLUDED FROM FEDERAL GROSS INCOME SOLELY BECAUSE THE TAXPAYER CLAIMED THE FEDERAL DEDUCTION FOR UTILIZING A HOME OFFICE.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Article 25, Chapter 6, Title 12 of the 1976 Code is amended by adding:
"Section 12-6-3810. There is allowed an individual income tax credit to any taxpayer that claims a federal deduction for expenses related to the business use of the taxpayer's home. The credit is equal to fifteen percent of the amount of the same federal deduction. The credit must be claimed in the same taxable year as the federal deduction was made. The department may adopt rules necessary to implement the provisions of this section."
SECTION 2. Section 12-6-1120 of the 1976 Code is amended by adding an appropriately numbered item at the end to read:
"( ) South Carolina gross income does not include any gain resulting from the sale of a taxpayer's home that was not excluded from federal gross income solely because the taxpayer claimed the federal deduction for expenses related to the business use of the home."
SECTION 3. This act takes effect upon approval by the Governor and first applies to income tax years beginning after 2021.
This web page was last updated on January 12, 2022 at 4:22 PM