Current Status Introducing Body:House Bill Number:3653 Primary Sponsor:Cromer Committee Number:30 Type of Legislation:GB Subject:Income tax deduction, retirement income Residing Body:House Computer Document Number:DKA/4331SD.93 Introduced Date:19930308 Last History Body:House Last History Date:19930308 Last History Type:Introduced, read first time, referred to Committee Scope of Legislation:Statewide All Sponsors:Cromer Type of Legislation:General Bill
Bill Body Date Action Description CMN Leg Involved
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3653 House 19930308 Introduced, read first time, 30
referred to Committee
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TO AMEND SECTION 12-7-435, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO DEDUCTIONS FROM SOUTH CAROLINA TAXABLE INCOME, SO AS TO INCREASE FROM THREE THOUSAND TO SIX THOUSAND DOLLARS THE MAXIMUM AMOUNT OF RETIREMENT INCOME A TAXPAYER AT LEAST SIXTY-TWO YEARS OF AGE MAY DEDUCT FROM TAXABLE INCOME.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 12-7-435(k)(1) of the 1976 Code is amended to read:
"(k) (1) Beginning with the taxable year in which a taxpayer first receives retirement income, the taxpayer may:
(A) deduct his retirement income in an amount not to exceed three thousand dollars annually and upon attaining the age of sixty-two may deduct an amount not exceeding six thousand dollars annually; or
(B) elect irrevocably to defer claiming a retirement income deduction until the taxable year the taxpayer attains the age of sixty-five years, at which time the taxpayer may deduct his retirement income in an amount not to exceed ten thousand dollars annually."
SECTION 2. This act takes effect upon approval by the Governor.