Increases retirement income tax deduction for South Carolina residents aged 65 and older.

This bill amends the South Carolina Code to increase the retirement income tax deduction for residents aged 65 and older. It raises the deduction limit from $15,000 to $20,000 for single taxpayers and from $30,000 to $40,000 for married taxpayers filing jointly. The deduction amount will be adjusted annually for inflation, with the adjustment not exceeding 4%. The changes take effect upon approval by the Governor.

Increases retirement income tax deduction for South Carolina residents aged 65 and older.

This bill amends the South Carolina Code to increase the retirement income tax deduction for residents aged 65 and older. It raises the deduction limit from $15,000 to $20,000 for single taxpayers and from $30,000 to $40,000 for married taxpayers filing jointly. The deduction amount will be adjusted annually for inflation, with the adjustment not exceeding 4%. The changes take effect upon approval by the Governor.