South Carolina General Assembly
112th Session, 1997-1998

Bill 477


                    Current Status

Bill Number:                    477
Ratification Number:            406
Act Number:                     394
Type of Legislation:            General Bill GB
Introducing Body:               Senate
Introduced Date:                19970305
Primary Sponsor:                Ryberg 
All Sponsors:                   Ryberg 
Drafted Document Number:        jic\5782htc.97
Date Bill Passed both Bodies:   19980521
Governor's Action:              S
Date of Governor's Action:      19980609
Subject:                        Income tax credit, retirement plan
                                contributions made by taxpayer living
                                in another state, Taxation, Retirement
                                Systems

History


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

------  19980630  Act No. A394
------  19980609  Signed by Governor
------  19980604  Ratified R406
House   19980521  Read third time, enrolled for
                  ratification
House   19980520  Read second time
House   19980514  Debate adjourned until
                  Wednesday, 19980520
House   19980513  Request for debate by Representative             Robinson
                                                                   Kirsh
                                                                   Law
                                                                   Hinson
                                                                   Woodrum
                                                                   Vaughn
House   19980512  Debate adjourned until
                  Wednesday, 19980513
House   19980507  Debate adjourned until
                  Tuesday, 19980512
House   19980506  Debate adjourned until
                  Thursday, 19980507
House   19980505  Debate adjourned until
                  Wednesday, 19980506
House   19980430  Debate adjourned until
                  Tuesday, 19980505
House   19980429  Debate adjourned until
                  Thursday, 19980430
House   19980423  Committee report: Favorable              30 HWM
House   19980210  Introduced, read first time,             30 HWM
                  referred to Committee
Senate  19980206  Read third time, sent to House
Senate  19980205  Read second time, unanimous
                  consent for third reading on
                  Friday, 19980206
Senate  19980204  Committee report: Favorable              06 SF
Senate  19970305  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.)

(A394, R406, S477)

AN ACT TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 12-6-3500, SO AS TO ALLOW A CREDIT IN AN AMOUNT EQUAL TO THE TAXES PAID ON QUALIFIED RETIREMENT PLAN CONTRIBUTIONS MADE BY THE TAXPAYER WHILE RESIDING IN ANOTHER STATE WHICH DID NOT EXEMPT SUCH CONTRIBUTIONS FROM ITS STATE INCOME TAX AND TO PROVIDE THAT THE DEPARTMENT OF REVENUE SHALL PRESCRIBE THE METHOD OF CLAIMING THE CREDIT WHICH MUST BE SPREAD OVER THE LIFE EXPECTANCY OF THE TAXPAYER.

Be it enacted by the General Assembly of the State of South Carolina:

Credit allowed

SECTION 1. Article 25, Chapter 6, Title 12 of the 1976 Code is amended by adding:

Section 12-6-3500. If the right to receive retirement income by a taxpayer allowed the deduction pursuant to Section 12-6-1170 was earned by the taxpayer while residing in another state which imposed state income tax on the employee's contributions, a credit is allowed against the taxpayer's South Carolina income tax liability in an amount sufficient to offset the taxes paid the other state. This credit must be claimed over the taxpayer's lifetime. The department shall prescribe the amount of the annual credit based on the taxpayer's life expectancy at the time of the election made pursuant to Section 12-6-1170 and may require the documentation it determines necessary to verify the amount of income tax paid the other state on the contributions. Regardless of the tax rates applicable on the contributions in the other state, the total of the credit allowed may not exceed an amount determined by multiplying the contributions taxed in each year by the marginal South Carolina individual income tax rate for that year.

Time effective

SECTION 2. Upon approval by the Governor, this act is effective for taxable years beginning after 1996.

Approved the 9th day of June, 1998.