2013 South Carolina Code of Laws
Title 12 - Taxation
CHAPTER 6 - SOUTH CAROLINA INCOME TAX ACT
SECTION 12-6-1150. Net capital gain; deduction from taxable income for individuals, estates, and trusts.
(A) Individuals, estates, and trusts are allowed a deduction from South Carolina taxable income equal to forty-four percent of net capital gain recognized in this State during a taxable year. In the case of estates and trusts, the deduction is applicable only to income taxed to the estate or trust or individual beneficiaries and not income passed through to nonindividual beneficiaries.
(B)(1) South Carolina income includes capital gains and losses from partnerships and "S" Corporations.
(2) Net capital gain is as defined in Internal Revenue Code, Section 1222 and related sections.
HISTORY: 1995 Act No. 76, Section 1; 2000 Act No. 387, Part II, Section 40B, eff June 30, 2000 and applicable for taxable years beginning after 2000.
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