summary
Introduced
01/10/2023
01/10/2023
In Committee
01/10/2023
01/10/2023
Crossed Over
Passed
Dead
05/09/2024
05/09/2024
Introduced Session
125th General Assembly
Bill Summary
A bill to amend the South Carolina Code of Laws BY enactING the "Long-Term Care Tax Credit Act"; and 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.
AI Summary
This bill, the Long-Term Care Tax Credit Act, proposes to amend the South Carolina Code of Laws by adding a new section that allows individual taxpayers to claim a 15% state income tax credit on the premiums paid for qualified long-term care insurance contracts, up to a maximum of $2,000 per qualifying individual covered. The credit cannot be claimed on payments that were already deducted or excluded from the taxpayer's income. The bill would take effect for taxable years beginning after 2022.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
Referred to Committee on Finance (on 01/10/2023)
Bill Topics
Health
- ‐ Long-term Care and Elderly Issues
Macroeconomics
- ‐ Taxation, Tax Policy, and Tax Reform
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location | Created |
|---|---|---|
| State Bill Page | https://www.scstatehouse.gov/billsearch.php?billnumbers=0105&session=125&summary=B | 12/05/2022 |
| BillText | https://www.scstatehouse.gov//sess125_2023-2024/prever/105_20221130.htm | 02/08/2023 |
| BillText | https://www.scstatehouse.gov/sess125_2023-2024/prever/105_20221130.htm | 12/07/2022 |
| BillText | https://www.scstatehouse.gov/sess125_2023-2024/prever/105_20223011.htm | 12/05/2022 |
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