Budget & Taxes (Income Tax)

in committee · South Carolina · Senate Jan 21, 2025

S 250: Long-term Care Tax Credit Act

A BILL TO AMEND THE SOUTH CAROLINA CODE OF LAWS BY ENACTING THE "LONG-TERM CARE TAX CREDIT ACT" BY ADDING SECTION 12-6-3395 SO AS TO ALLOW A STATE INDIVIDUAL INCOME TAX CREDIT OF FIFTEEN PERCENT OF THE TOTAL AMOUNT OF PREMIUMS PAID BY A TAXPAYER PURSUANT TO A LONG-TERM CARE INSURANCE CONTRACT, NOT TO EXCEED TWO THOUSAND DOLLARS IN A TAXABLE YEAR FOR EACH INDIVIDUAL, AND TO PROHIBIT A DOUBLE BENEFIT.

Topics ✓ Budget & TaxesSupports Budget & TaxesProvides 15% tax credit on long-term care insurance premiums (capped at $2k), reducing individual income tax burden as direct tax relief for taxpayers.95% confidence

Sub-Topics Income Tax Tax Credits

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in committee · South Carolina · House Feb 6, 2025

H 3436: Taxation

A BILL TO AMEND THE SOUTH CAROLINA CODE OF LAWS BY ADDING SECTION 12-6-525 SO AS TO ALLOW MARRIED TAXPAYERS WHO FILE A JOINT FEDERAL RETURN TO CALCULATE THEIR AMOUNT OF SOUTH CAROLINA INCOME TAX OWED FOR THE TAX YEAR AS THOUGH EACH TAXPAYER FILED A RETURN AS A SINGLE TAXPAYER IF THE TAXPAYERS' CUMULATIVE TAX OWED WOULD BE LESS THAN THE AMOUNT THEY WOULD OWE HAD THEY FILED A JOINT RETURN.

Topics ✓ Budget & TaxesSupports Budget & TaxesBill provides tax relief by allowing married couples to calculate state tax as single filers if it reduces their liability, directly lowering tax burden for eligible taxpayers.90% confidence

Sub-Topics Income Tax

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in committee · South Carolina · House Jan 30, 2025

H 3865: Income tax deduction

A BILL TO AMEND THE SOUTH CAROLINA CODE OF LAWS BY AMENDING SECTION 12-6-1140, RELATING TO INCOME TAX DEDUCTIONS, SO AS TO PROVIDE A DEDUCTION FOR AMOUNTS EARNED BY AN INDIVIDUAL UNDER THE AGE OF EIGHTEEN; AND BY ADDING SECTION 12-6-4915 SO AS TO PROVIDE THAT AN INDIVIDUAL UNDER THE AGE OF EIGHTEEN IS NOT REQUIRED TO FILE AN INCOME TAX RETURN.

Topics ✓ Budget & TaxesSupports Budget & TaxesProvides tax deduction for under-18s, reducing taxable income and offering tax relief to young earners, aligning with fiscal accessibility for lower-income groups.95% confidence

Sub-Topics Income Tax

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in committee · South Carolina · House Apr 23, 2025

H 4395: NIL income tax deduction

A BILL TO AMEND THE SOUTH CAROLINA CODE OF LAWS BY AMENDING SECTION 12-6-1140, RELATING TO INCOME TAX DEDUCTIONS, SO AS TO PROVIDE AN INCOME TAX DEDUCTION FOR INCOME RECEIVED BY STUDENT ATHLETES FOR THE USE OF THEIR NAME, IMAGE, OR LIKENESS.

Topics ✓ Budget & TaxesSupports Budget & TaxesBill creates a tax deduction for student athletes' NIL income, providing targeted tax relief under tax policy.90% confidence

Sub-Topics Income Tax

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