The bill S. 207 proposes amendments to Section 12-6-1170 of the South Carolina Code of Laws, which pertains to the retirement income tax deduction. The key changes include increasing the individual deduction for resident taxpayers from $15,000 to $20,000 and raising the deduction for married taxpayers filing jointly from $30,000 to $40,000. Additionally, the bill stipulates that the deduction amounts will be subject to annual inflation adjustments, with a cap of 4% on these adjustments.

These changes aim to provide greater tax relief for retirees in South Carolina, particularly benefiting those who are 65 years or older. The bill is set to take effect upon approval by the Governor, reflecting a legislative effort to enhance the financial well-being of senior citizens in the state.

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