South Carolina General Assembly
111th Session, 1995-1996

Bill 1342


Indicates Matter Stricken
Indicates New Matter


                    Current Status

Bill Number:                       1342
Type of Legislation:               General Bill GB
Introducing Body:                  Senate
Introduced Date:                   19960404
Primary Sponsor:                   Boan
All Sponsors:                      Boan, Bryan, Fair, Giese,
                                   Passailaigue, Glover, Thomas, Short,
                                   Cork, Martin, Courtney, Wilson, Ford,
                                   Jackson, Hayes, Gregory, Patterson,
                                   Land and Matthews 
Drafted Document Number:           jic\5780htc.96
Residing Body:                     Senate
Current Committee:                 Finance Committee 06 SF
Subject:                           Income tax credit for expenses
                                   incurred adopting child



History


Body    Date      Action Description                       Com     Leg Involved
______  ________  _______________________________________  _______ ____________

Senate  19960404  Introduced, read first time,             06 SF
                  referred to Committee

View additional legislative information at the LPITS web site.


(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

A BILL

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.

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