2001-2002 Bill 3007: Income tax credit for taxpayer of ...
BIL: 3007
TYP: General Bill GB
INB: House
IND: 20010109
PSP: Campsen
SPO: Campsen, Altman, Davenport, Harrison, Stille, Clyburn, Robinson, Owens, Cobb-Hunter
DDN: l:\council\bills\bbm\9744htc01.doc
CBN: 719
RBY: House
COM: Ways and Means Committee 30 HWM
SUB: Income tax credit for taxpayer of dependent on tuition, certain educational equipment and books; Taxation, Colleges
HST:
Body Date Action Description Com Leg Involved
______ ________ _______________________________________ _______ ____________
------ 20010605 Companion Bill No. 719
House 20010524 Co-Sponsor added (Rule 5.2) by Rep. Cobb-Hunter
House 20010109 Introduced, read first time, 30 HWM
referred to Committee
House 20001206 Prefiled, referred to Committee 30 HWM
Versions of This Bill
TXT:
A BILL
TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 12-6-3505 SO AS TO ALLOW A TAX CREDIT AGAINST THE SOUTH CAROLINA INCOME TAX LIABILITY OF A RESIDENT INDIVIDUAL FOR TUITION PAID BY THE TAXPAYER OR PURCHASES OF COMPUTER HARDWARE, EDUCATIONAL SOFTWARE, AND BOOKS MADE BY THE TAXPAYER ON BEHALF OF A DEPENDENT CLAIMED BY THE TAXPAYER ON THE TAXPAYER’S FEDERAL INCOME TAX RETURN; TO LIMIT THE CREDIT TO ONE THOUSAND DOLLARS FOR EACH DEPENDENT; TO PROVIDE THAT TUITION FOR WHICH THE CREDIT MAY BE CLAIMED AND THE AGE LIMIT ON THE STUDENT FOR WHICH THE COMPUTER HARDWARE, SOFTWARE, OR BOOK PURCHASES ARE MADE; TO ALLOW A FIVE-YEAR CARRYFORWARD FOR UNUSED CREDIT; AND TO AUTHORIZE THE DEPARTMENT OF REVENUE TO REQUIRE APPROPRIATE DOCUMENTATION.
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 12-6-3505. A resident individual taxpayer (1) who pays preschool, kindergarten, primary, or secondary school tuition on behalf of a dependent claimed by the taxpayer on the taxpayer’s federal income tax return, or (2) who purchases computer hardware, educational software, or books used in the schooling of a dependent under the age of nineteen claimed by the taxpayer on the taxpayer’s federal income tax return, is allowed a credit against the tax imposed pursuant to Section 12-6-510 for the applicable tuition paid or purchases made on behalf of each dependent claimed not to exceed one thousand dollars a dependent in a taxable year. Unused credit may be carried forward for the five succeeding taxable years. The department may require appropriate documentation for claiming the credit.”
SECTION 2. Upon approval by the Governor, this action is effective for taxable years beginning after 2000.
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