Reference is to 4/14/15--H.
Amend the bill, as and if amended, by striking SECTIONS 22 and 23 and inserting:
/ SECTION 22. Section 12-6-510 of the 1976 Code is amended to read:
"Section 12-6-510. (A) For taxable years beginning after 1994, a tax is imposed on the South Carolina taxable income of individuals, estates, and trusts and any other entity except those taxed or exempted from taxation under Sections 12-6-530 through 12-6-550 computed at the following rates with the income brackets indexed in accordance with Section 12-6-520:
Not over $2,220
2.5 percent of taxable income
Over $2,220 but not over $4,440
$56 plus 3 percent of the
excess over $2,220;
Over $4,440 but not over $6,660
$123 plus 4 percent of the
excess over $4,440;
Over $6,660 but not over $8,880
$212 plus 5 percent of the
excess of $6,660;
Over $8,880 but not over $11,100
$323 plus 6 percent of the
excess over $8,880;
Over $11,100
$456 plus 7 percent of the excess over
$11,100.
(B) For taxable years beginning after 2015, a tax is imposed on the South Carolina taxable income of individuals, estates, and trusts and any other entity except those taxed or exempted from taxation under Sections 12-6-530 through 12-6-550 computed at the following rates with the income brackets indexed in accordance with Section 12-6-520:
BUT NOT
OVER
OVER
--0--
$ 0
$ 4,197
0% Times the amount
4,197
8,394
3% Times the amount less $ 126
8,394
12,591
4% Times the amount less $210
12,591
16,788
5% Times the amount less $336
16,788
20,985
6% Times the amount less $504
20,985
7% Times the amount less $713
(C) The
department may prescribe tax tables consistent with the rates
set pursuant to subsection (A) this
section."
SECTION 23. Section 12-6-520 of the 1976 Code is amended to read:
"Section 12-6-520.
(A) Each December
15 fifteenth, the department shall
cumulatively adjust the brackets in Section 12-6-510 in the same
manner that brackets are adjusted in Internal Revenue Code
Section (1)(f). However, the adjustment is limited to one-half
of the adjustment determined by Internal Revenue Code Section
(1)(f), may not exceed four percent a year, and the rounding
amount provided in (1)(f)(6) is ten dollars. The brackets, as
adjusted, apply in lieu of those provided in Section 12-6-510
for taxable years beginning in the succeeding calendar year.
Inflation adjustments must be made cumulatively to the income
tax brackets.
(B)
Notwithstanding subsection (A), for income tax year
2016, the department shall not adjust the brackets."
/
Renumber sections to conform.
Amend title to conform.