summary
Introduced
01/08/2019
01/08/2019
In Committee
01/08/2019
01/08/2019
Crossed Over
Passed
Dead
09/24/2020
09/24/2020
Introduced Session
123rd General Assembly
Bill Summary
Amend Article 25, Chapter 6, Title 12 Of The 1976 Code, Relating To State Income Tax Credits, To Enact The "long-term Care Tax Credit Act," By Adding Section 12-6-3395, 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 enacts the "Long-Term Care Tax Credit Act," which allows South Carolina individual income taxpayers to claim a 15% tax credit (up to $2,000 per qualifying individual) on the premiums paid for qualified long-term care insurance contracts that provide coverage for the taxpayer, their spouse, or dependents. The credit cannot be claimed for any premiums that were already deducted or excluded from the taxpayer's income. The act is effective for tax years beginning after 2018.
Committee Categories
Budget and Finance
Sponsors (2)
Last Action
Referred to Committee on Finance (on 01/08/2019)
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=0091&session=123&summary=B | 12/14/2018 |
| BillText | https://www.scstatehouse.gov/sess123_2019-2020/prever/91_20181212.htm | 12/14/2018 |
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