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H. 5009
STATUS INFORMATION
General Bill
Sponsors: Reps. Limehouse, Battle, Littlejohn, McCraw, Miller, Phillips, Scarborough, W.D. Smith, Snow, Cobb-Hunter and Cotty
Document Path: l:\council\bills\ggs\22538htc04.doc
Introduced in the House on March 23, 2004
Currently residing in the House Committee on Ways and Means
Summary: Middle-Class Charitable Contributions Act
HISTORY OF LEGISLATIVE ACTIONS
Date Body Action Description with journal page number
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3/23/2004 House Introduced and read first time HJ-85
3/23/2004 House Referred to Committee on Ways and Means HJ-85
4/1/2004 House Member(s) request name added as sponsor: Cobb-Hunter
4/14/2004 House Member(s) request name added as sponsor: Cotty
View the latest legislative information at the LPITS web site
VERSIONS OF THIS BILL
TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 12-6-3375 ENACTING THE MIDDLE-CLASS CHARITABLE CONTRIBUTION ACT SO AS TO ALLOW A CREDIT AGAINST THE STATE INDIVIDUAL INCOME TAX LIABILITY FOR CHARITABLE CONTRIBUTIONS IN EXCESS OF TWO HUNDRED FIFTY DOLLARS AND FIVE HUNDRED DOLLARS ON A JOINT RETURN MADE BY TAXPAYERS WHO DO NOT ITEMIZE DEDUCTIONS ON THEIR FEDERAL INDIVIDUAL INCOME TAX RETURN, TO LIMIT THE TOTAL CREDIT THAT MAY BE CLAIMED, AND TO DISALLOW THE CREDIT WHEN ANNUAL STATE INDIVIDUAL INCOME TAX REVENUE GROWTH IS LESS THAN TWO PERCENT.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Article 25, Chapter 6, Title 12 of the 1976 Code is amended by adding:
"Section 12-6-3375. (A) This section may be cited as the Middle-Class Charitable Contribution Act.
(B) Individuals who on their federal individual tax return do not itemize deductions for a taxable year are allowed a credit against the tax imposed pursuant to Section 12-6-510 for cash contributions made by the taxpayer in the taxable year which qualify as charitable contributions pursuant to Internal Revenue Code Section 170.
(C) This credit is allowed to the extent that such cash contributions in a taxable year exceed two hundred fifty dollars, or five hundred dollars in the case of married taxpayers who file a joint federal individual income tax return. The amount of the credit allowed in a taxable year may not exceed five hundred dollars, or one thousand dollars in the case of married taxpayers who file a joint federal individual income tax return.
(D) Notwithstanding subsections (B) and (C) of this section, no credit is allowed if estimated state individual income tax revenue as established in the May fifteenth revenue forecast of the Board of Economic Advisors for the fiscal year beginning July first of the applicable taxable year is less than two percent of the board's most recent estimate of such revenues for the then current fiscal year."
SECTION 2. This act takes effect upon approval by the Governor and applies for contributions made after June 30, 2004.
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