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Sponsors: Rep. Altman
Document Path: l:\council\bills\bbm\9144htc06.doc
Companion/Similar bill(s): 565, 566, 3349
Introduced in the House on January 31, 2006
Currently residing in the House Committee on Ways and Means
Summary: Long-term care insurance
HISTORY OF LEGISLATIVE ACTIONS
Date Body Action Description with journal page number ------------------------------------------------------------------------------- 1/31/2006 House Introduced and read first time HJ-29 1/31/2006 House Referred to Committee on Ways and Means HJ-29
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 12-6-3577 SO AS TO ALLOW A STATE INDIVIDUAL INCOME TAX CREDIT FOR A PORTION OF PREMIUMS PAID BY THE TAXPAYER FOR LONG-TERM CARE INSURANCE, UP TO A MAXIMUM CREDIT OF TWO HUNDRED FIFTY DOLLARS FOR A SINGLE POLICY OF SUCH INSURANCE.
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 12-6-3577. (A) For purposes of this section:
(1) 'Long-term care insurance' means a policy that qualifies for a deduction pursuant to Internal Revenue Code Section 213.
(2) 'Qualified beneficiary' means the taxpayer or the taxpayer's spouse.
(3) 'Premiums deducted in determining federal taxable income' means the lessor of:
(a) long-term care insurance premiums that qualify as deductions pursuant to Internal Revenue Code Section 213;
(b) the total amount deductible for medical care pursuant to Internal Revenue Code Section 213.
(B) A resident individual taxpayer is allowed a credit against the tax imposed pursuant to Section 12-6-510 for long-term care insurance policy premiums paid during the taxable year. The credit for each policy equals twenty-five percent of premiums paid to the extent not deducted in determining federal taxable income. A taxpayer may claim a credit for only one policy for each qualified beneficiary. A maximum credit of two hundred fifty dollars applies to each qualified beneficiary. The maximum total credit allowed a year is five hundred dollars for married couples filing joint federal income tax returns and two hundred fifty dollars for all other filers."
SECTION 2. This act takes effect upon approval by the Governor and applies for taxable years beginning after 2005.
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