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129Type of Legislation: Joint Resolution JRIntroducing Body: SenateIntroduced Date: 20010111Primary Sponsor: MooreAll Sponsors: Moore and SetzlerDrafted Document Number: l:\s-res\tlm\011reti.kad.docResiding Body: SenateCurrent Committee: Finance Committee 06 SFSubject: Retirement income for certain aging, date for filing claim for refund extended; Retirement Systems, Taxation, Income taxHistory Body Date Action Description Com Leg Involved ______ ________ ______________________________________ _______ ____________ Senate 20010111 Introduced, read first time, 06 SF referred to Committee Versions of This Bill
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 1993 THROUGH 1997, FOR TAXPAYERS WHO ELECTED TO DEFER A RETIREMENT INCOME DEDUCTION UNTIL AGE SIXTY-FIVE OR WHO FAILED TO MAKE SUCH AN ELECTION.
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 1993, 1994, 1995, 1996 only, the period within which such claims are timely filed is extended through April 15, 2002, for taxpayers filing a claim pursuant to this section.
SECTION 2. This joint resolution act takes effect upon approval by the Governor.
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