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 amending Section 12-6-1150, 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.
AI Summary
This bill amends the South Carolina Code of Laws to provide a 100% exemption on any capital gain recognized from the sale of gold, silver, platinum bullion, or any combination of these metals. The existing law allows a 44% deduction for net capital gains recognized in the state, and this bill adds the exemption for gains from the sale of these specific precious metals. The bill applies to tax years beginning after 2022 upon approval by the Governor.
Committee Categories
Budget and Finance
Sponsors (9)
Stewart Jones (R)*,
Mike Burns (R),
Robert Harris (R),
Jay Kilmartin (R),
Matthew Leber (R),
Josiah Magnuson (R),
R.J. May (R),
Jordan Pace (R),
Joe White (R),
Last Action
Member(s) request name added as sponsor: White, May, Kilmartin (on 01/12/2023)
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.scstatehouse.gov/billsearch.php?billnumbers=3081&session=125&summary=B |
| BillText | https://www.scstatehouse.gov//sess125_2023-2024/prever/3081_20221208.htm |
| BillText | https://www.scstatehouse.gov/sess125_2023-2024/prever/3081_20221208.htm |
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