Current Status Bill Number:
1342Type of Legislation: General Bill GBIntroducing Body: SenateIntroduced Date: 19960404Primary Sponsor: BoanAll Sponsors: Boan, Bryan, Fair, Giese, Passailaigue, Glover, Thomas, Short, Cork, Martin, Courtney, Wilson, Ford, Jackson, Hayes, Gregory, Patterson, Land and MatthewsDrafted Document Number: jic\5780htc.96Residing Body: SenateCurrent Committee: Finance Committee 06 SFSubject: Income tax credit for expenses incurred adopting child
Body Date Action Description Com Leg Involved ______ ________ _______________________________________ _______ ____________ Senate 19960404 Introduced, read first time, 06 SF referred to CommitteeView additional legislative information at the LPITS web site.
TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 12-6-3485 SO AS TO ALLOW A STATE INDIVIDUAL INCOME TAX CREDIT NOT TO EXCEED TWO THOUSAND DOLLARS IN A TAXABLE YEAR FOR UNREIMBURSED LEGAL, MEDICAL, AND OTHER EXPENSES PAID BY THE TAXPAYER WHICH WERE INCURRED IN ADOPTING A CHILD AND FOR OTHER UNREIMBURSED EXPENSES INCURRED AND PAID BY THE TAXPAYER ON BEHALF OF THE ADOPTED CHILD, TO PROVIDE FOR THE YEAR IN WHICH THE CREDIT MAY BE CLAIMED, AND TO LIMIT THE CREDIT TO FIVE SUCCESSIVE TAXABLE YEARS.
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 12-6-3485. A resident individual taxpayer is allowed a credit against the tax imposed pursuant to Section 12-6-510 for the unreimbursed expenses paid by the taxpayer which the taxpayer incurred in adopting a child. For purposes of this credit, expenses include any items required to be included in the itemized accounting filed in the family court pursuant to Section 20-7-1775 which were not reimbursed and subsequent unreimbursed legal costs paid by the taxpayer incurred in matters relating to the original adoption and unreimbursed medical expenses of the adopted child paid by the taxpayer. The total amount of the credit may not exceed two thousand dollars in a taxable year. The credit is allowed in five successive taxable years but no credit is allowed for any year after the year in which the adopted child attains the age of eighteen years. If unreimbursed expenses paid by the taxpayer in any year in the credit period exceed the maximum credit allowed for that year, the balance may be carried forward and used to claim the credit allowed for the succeeding taxable year if that taxable year is in the credit period."
SECTION 2. Upon approval by the Governor, this act is effective for taxable years beginning after 1995.