Bill Text: SC H4786 | 2019-2020 | 123rd General Assembly | Introduced
Bill Title: Capital gains, deductions
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2020-01-14 - Referred to Committee on Ways and Means [H4786 Detail]
Download: South_Carolina-2019-H4786-Introduced.html
A BILL
TO AMEND SECTION 12-6-1150, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO A DEDUCTION ON CAPITAL GAINS, SO AS TO PROVIDE FOR A ONE HUNDRED PERCENT EXEMPTION ON ANY CAPITAL GAIN RECOGNIZED FROM THE SALE OF CERTAIN METALS.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 12-6-1150(A) of the 1976 Code is amended to read:
"(A) Individuals, estates, and trusts are allowed a deduction from South Carolina taxable income equal to forty-four percent of net capital gain recognized in this State during a taxable year, except for the portion of the capital gain that was recognized from the sale of gold, silver, platinum bullion, or any combination of this bullion, for which the deduction equals one hundred percent of such capital gain. In the case of estates and trusts, the deduction is applicable only to income taxed to the estate or trust or individual beneficiaries and not income passed through to nonindividual beneficiaries."
SECTION 2. This act takes effect upon approval by the Governor and first applies to tax years beginning after 2019.
