2001-2002 Bill 3007: Income Tax Credit for Taxpayer of Dependent on Tuition, Certain Educational

BIL: 3007

TYP: General Bill GB

INB: House

IND: 20010109

PSP: Campsen

SPO: Campsen, Altman, Davenport, Harrison, Stille, Clyburn, Robinson, Owens, CobbHunter

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 1263505 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 FIVEYEAR 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 1263505. 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 126510 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.

[3007] 1