Indicates Matter Stricken

Indicates New Matter

 

Committee Report

February 28, 2024

 

S. 969

 

Introduced by Senators Alexander, Peeler, Setzler, K. Johnson and Young

 

S. Printed 02/28/24--S.

Read the first time January 17, 2024

 

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The committee on Senate Finance

To whom was referred a Bill (S. 969) to amend the South Carolina Code of Laws by amending Section 12-6-1140, relating to deductions from individual taxable income, so as to increase the subsistence, etc., respectfully

Report:

That they have duly and carefully considered the same, and recommend that the same do pass:

 

HARVEY S. PEELER, JR. for Committee.

 

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A bill

 

TO AMEND THE SOUTH CAROLINA CODE OF LAWS BY AMENDING SECTION 12-6-1140, RELATING TO DEDUCTIONS FROM INDIVIDUAL TAXABLE INCOME, SO AS TO INCREASE THE SUBSISTENCE DEDUCTION AMOUNT FOR CERTAIN PAID PUBLIC SERVANTS SUCH AS LAW ENFORCEMENT AND FIREFIGHTERS, AND TO INCREASE THE VOLUNTEER EXEMPTION AMOUNT FOR CERTAIN UNPAID PUBLIC SERVANTS SUCH AS LAW ENFORCEMENT AND FIREFIGHTERS.

 

Be it enacted by the General Assembly of the State of South Carolina:

 

SECTION 1.  Section 12-6-1140(6) of the S.C. Code is amended to read:

 

    (6) a subsistence allowance of eight sixteen dollars a day for federal, state, and local law enforcement officers paid by a political subdivision of this State, the government of this State, or the federal government, for each regular work day in a taxable year and full-time firefighters and emergency medical service personnel may deduct as a subsistence allowance eight sixteen dollars a day for each regular work day in a taxable year;

 

SECTION 2.  Section 12-6-1140(10)(b) of the S.C. Code is amended to read:

 

    (b) An individual may receive only one deduction pursuant to this item. The Revenue and Fiscal Affairs Office annually shall estimate a maximum deduction that may be permitted under this section for a taxable year based on an individual income tax revenue loss of three million one hundred thousand dollars attributable to this deduction and shall certify that maximum deduction to the Department of Revenue and for the applicable taxable year, the maximum deduction amount must not exceed the lesser of the certified estimate or three six thousand dollars.

 

SECTION 3.  This act takes effect upon approval by the Governor and applies to tax years beginning after 2023.

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