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Sponsors: Reps. Limehouse, Allen, Altman, Branham, Breeland, Ceips, Coates, Duncan, Frye, Hamilton, Hayes, Hosey, Koon, McCraw, Merrill, Miller, Phillips, M.A. Pitts, Richardson, Rivers, Scarborough, F.N. Smith, J.R. Smith, Snow, Tripp and Viers
Document Path: l:\council\bills\swb\5206htc03.doc
Introduced in the House on February 13, 2003
Introduced in the Senate on March 26, 2003
Currently residing in the Senate Committee on Finance
Summary: Income tax deduction, reward money paid to resident who leads to removal of threat of international terrorist
HISTORY OF LEGISLATIVE ACTIONS
Date Body Action Description with journal page number ------------------------------------------------------------------------------- 2/13/2003 House Introduced and read first time HJ-25 2/13/2003 House Referred to Committee on Ways and Means HJ-25 3/19/2003 House Committee report: Favorable Ways and Means HJ-8 3/25/2003 House Read second time HJ-24 3/26/2003 House Read third time and sent to Senate HJ-13 3/26/2003 Senate Introduced and read first time SJ-23 3/26/2003 Senate Referred to Committee on Finance SJ-23
View the latest legislative information at the LPITS web site
VERSIONS OF THIS BILL
March 19, 2003
Introduced by Reps. Limehouse, Allen, Altman, Branham, Breeland, Ceips, Coates, Duncan, Frye, Hamilton, Hayes, Hosey, Koon, McCraw, Merrill, Miller, Phillips, M.A. Pitts, Richardson, Rivers, Scarborough, F.N. Smith, J.R. Smith, Snow, Tripp and Viers
S. Printed 3/19/03--H.
Read the first time February 13, 2003.
To whom was referred a Bill (H. 3614) to amend Section 12-6-1140, as amended, Code of Laws of South Carolina, 1976, relating to deductions from South Carolina taxable income of an individual, etc., respectfully
That they have duly and carefully considered the same and recommend that the same do pass:
ROBERT W. HARRELL, JR. for Committee.
REVENUE IMPACT 1/
The BEA does not expect this bill to have a measurable impact on general fund individual income tax revenue.
This bill allows an income tax deduction for reward money paid to a South Carolina resident for information on an international terrorist that leads to their removal as a threat to the United States. Research on reward programs finds that the United States government and other organizations have reward programs that seek to bring international terrorists to justice. Under the Rewards for Justice Program, the U.S. Secretary of State may offer rewards up to $25 million for information that prevents, frustrates, or favorably resolves acts of international terrorism against the U.S. In the past seven years, the U.S. has paid out more than $9.5 million in 23 cases to people who have provided credible information that brought terrorists to justice or prevented acts of international terrorism. Private individuals and organizations have similar reward offers, such as the Air Transportation Association and the Airline Pilots Association pledges of up to $1 million each for information in cases involving U.S. civil aviation. Given the uncertainty of these rewards, the BEA does not expect this bill to have a measurable impact on general fund individual income tax revenue.
William C. Gillespie
Board of Economic Advisors
1/ This statement meets the requirement of Section 2-7-71 for a state revenue impact by the BEA, or Section 2-7-76 for a local revenue impact, or Section 6-1-85(B) for an estimate of the shift in local property tax incidence by the Office of Economic Research.
TO AMEND SECTION 12-6-1140, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO DEDUCTIONS FROM SOUTH CAROLINA TAXABLE INCOME OF AN INDIVIDUAL FOR PURPOSES OF THE SOUTH CAROLINA INCOME TAX ACT, SO AS TO ALLOW A DEDUCTION OF REWARD MONEY PAID TO A RESIDENT INDIVIDUAL TAXPAYER FOR INFORMATION PROVIDED BY THE TAXPAYER DIRECTLY LEADING TO THE REMOVAL AS A THREAT OF AN INTERNATIONAL TERRORIST AND TO PROVIDE THAT REWARD MONEY DOES NOT INCLUDE THE REGULAR PAY AND ALLOWANCES OF LAW ENFORCEMENT OFFICERS AND MEMBERS OF THE ARMED FORCES OF THE UNITED STATES.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 12-6-1140 of the 1976 Code, as last amended by Act 363 of 2002, is further amended by adding an appropriately numbered item at the end to read:
"( ) reward money paid to a resident individual taxpayer for information provided by the taxpayer to law enforcement or military authorities directly leading to the removal as a threat to the United States of an international terrorist. No deduction is allowed as a reward pursuant to this item for regular pay and allowances of law enforcement officers or members of the armed forces of the United States."
SECTION 2. This act takes effect upon approval by the Governor and applies for taxable years beginning after 2002.
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