summary
Introduced
01/16/2025
01/16/2025
In Committee
01/16/2025
01/16/2025
Crossed Over
Passed
Dead
Introduced Session
126th General Assembly
Bill Summary
Amend The South Carolina Code Of Laws By Amending Section 12-6-1120, Relating To Gross Income, Computation Of Gross Income, And Modifications To Gross Income For State Income Tax Purposes, So As To Exclude Tips From The Computation Of South Carolina Gross, And To Define Tips.
AI Summary
This bill amends South Carolina's income tax law to exclude tips from an individual's gross income for state tax purposes. Specifically, the bill defines "tips" as discretionary payments determined by a customer that an employee receives, which can include cash tips received directly from a customer or tips processed through electronic payment methods. The exclusion applies to tips that are reported on statements furnished to the employer as required by federal law. By removing tips from gross income calculations, the bill aims to provide a tax benefit to employees in service industries who rely on tips as a significant part of their compensation. The legislation would take effect upon receiving approval from the Governor of South Carolina.
Committee Categories
Budget and Finance
Sponsors (9)
Matthew Leber (R)*,
Allen Blackmon (R),
Richard Cash (R),
JD Chaplin (R),
Jason Elliott (R),
Tom Fernandez (R),
Carlisle Kennedy (R),
Ed Sutton (D),
Jeffrey Zell (R),
Last Action
Referred to Committee on Finance (on 01/16/2025)
Official Document
bill text
bill summary
Loading...
bill summary
Loading...
bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.scstatehouse.gov/billsearch.php?billnumbers=0234&session=126&summary=B |
| Fiscal Note - S0234 2025-01-16 Introduced | https://www.scstatehouse.gov/sess126_2025-2026/fiscalimpactstatements/S0234%202025-01-16%20introduced.pdf |
| BillText | https://www.scstatehouse.gov/sess126_2025-2026/prever/234_20250116.htm |
Loading...