Current Status Introducing Body:
SenateBill Number: 275Primary Sponsor: ReeseCommittee Number: 06Type of Legislation: GBSubject: Income tax deduction, interest on charge cardsResiding Body: SenateCurrent Committee: FinanceComputer Document Number: JIC/5203HC.93Introduced Date: 19930126Last History Body: SenateLast History Date: 19930126Last History Type: Introduced, read first time, referred to CommitteeScope of Legislation: StatewideAll Sponsors: ReeseType of Legislation: General Bill
Bill Body Date Action Description CMN Leg Involved ____ ______ ____________ ______________________________ ___ ____________ 275 Senate 19930126 Introduced, read first time, 06 referred to CommitteeView additional legislative information at the LPITS web site.
TO AMEND SECTION 12-7-430, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO ADJUSTMENTS TO INCOME FOR STATE TAXABLE INCOME PURPOSES FOR INDIVIDUALS, SO AS TO PROVIDE A DEDUCTION FOR INTEREST PAID ON REVOLVING CHARGE CARDS AND ACCOUNTS AND PURCHASE MONEY LOANS FOR MOTOR VEHICLES.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 12-7-430 of the 1976 Code, as last amended by Section 47, Part II, Act 171 of 1991, is further amended by adding an appropriately lettered item to read:
"( ) South Carolina taxable income for individuals does not include interest paid on revolving charge cards and accounts and purchase money loans for motor vehicles."
SECTION 2. Upon approval by the Governor, this act is effective for taxable years beginning after 1992.