Current Status Introducing Body:Senate Bill Number:275 Primary Sponsor:Reese Committee Number:06 Type of Legislation:GB Subject:Income tax deduction, interest on charge cards Residing Body:Senate Current Committee:Finance Computer Document Number:JIC/5203HC.93 Introduced Date:19930126 Last History Body:Senate Last History Date:19930126 Last History Type:Introduced, read first time, referred to Committee Scope of Legislation:Statewide All Sponsors:Reese Type of Legislation:General Bill
Bill Body Date Action Description CMN Leg Involved
____ ______ ____________ ______________________________ ___ ____________
275 Senate 19930126 Introduced, read first time, 06
referred to Committee
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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.