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AS PASSED BY THE SENATE
February 4, 1999
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, Law, Martin, Davenport, Lanford, Sharpe, Knotts, Whatley, Barfield and Lee
S. Printed 2/4/99--S.
Read the first time January 28, 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 1994 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 1994 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 1994 and 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.
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