The bill S. 207 proposes amendments to Section 12-6-1170 of the South Carolina Code of Laws, specifically concerning the retirement income tax deduction. It seeks to increase the individual deduction for resident taxpayers aged sixty-five and older from fifteen thousand dollars to twenty thousand dollars. Additionally, for married taxpayers filing a joint federal income tax return, the maximum deduction will rise from thirty thousand dollars to forty thousand dollars. The bill also includes a provision for an annual inflation adjustment to the deduction amount, which cannot exceed four percent.

This legislation aims to provide greater tax relief for senior citizens in South Carolina by enhancing the retirement income tax deduction. The changes will take effect upon approval by the Governor, reflecting a commitment to support the financial well-being of retirees in the state.

Statutes affected:
01/15/2025: 12-6-1170
Latest Version: 12-6-1170