Download This Version in Microsoft Word format
AMENDED--NOT PRINTED IN THE HOUSE
Amt. No. 1 (Doc Name COUNCIL\DKA\AMEND\311OHTC99)
January 20, 1999
H. 3259
Introduced by Reps. Chellis, H. Brown, Seithel, Stuart, Edge, R. Smith, Young-Brickell, Cave, Cato, Tripp, Altman, Robinson, Bailey, Barrett, Beck, Dantzler, Fleming, Leach, Hinson, Loftis, Meacham, Sandifer, Riser, Harrell, Witherspoon, Hamilton, Wilkins, Keegan, Kelley, Walker, Rodgers, Neilson, Webb, Simrill, Limehouse, Gilham, McKay, Govan, Bales, Davenport, Lanford, Sharpe, Knotts, Whatley, Barfield and Lee
S. Printed 1/19/99--H.
Read the first time January 12, 1999.
TO ALLOW A STATE INDIVIDUAL INCOME TAX DEDUCTION OF RETIREMENT INCOME, NOT TO EXCEED THREE THOUSAND DOLLARS A YEAR OF SUCH INCOME, FOR TAXABLE YEARS 1994 THROUGH 1997, FOR TAXPAYERS WHO ELECTED TO DEFER A RETIREMENT INCOME DEDUCTION UNTIL AGE SIXTY-FIVE OR WHO FAILED TO MAKE SUCH AN ELECTION.
Amend Title To Conform
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. (A) Regardless of an election made pursuant to Section 12-6-1170 of the 1976 Code to defer until age sixty-five a retirement income deduction, as that section applied for taxable years 1993 through 1997, or in the alternative, in case of a failure to make such an election, a South Carolina individual income taxpayer who received retirement income in one or more of those taxable years and who for one or more of those years claimed no retirement income deduction with respect to that retirement income is allowed a deduction from South Carolina taxable income of retirement income received in such a year not to exceed three thousand dollars.
(B) For purposes of this section, "retirement income" has the meaning provided in Section 12-6-1170(4) of the 1976 Code as this section applied in taxable years 1993 through 1997.
(C) Notwithstanding the provisions of Section 12-54-85(F) of the 1976 Code relating to the timeliness of claims for refunds and for taxable years inserting 1993 through 1995 only, the period within which such claims are timely filed is extended through December 31, 1999, for taxpayers filing a claim pursuant to this section.
SECTION 2. This joint resolution takes effect upon approval by the Governor.
This web page was last updated on
Friday, June 26, 2009 at 2:58 P.M.