South Carolina General Assembly
115th Session, 2003-2004

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H. 3053

STATUS INFORMATION

General Bill
Sponsors: Reps. Davenport and W.D. Smith
Document Path: l:\council\bills\ggs\22678htc03.doc

Introduced in the House on January 14, 2003
Currently residing in the House Committee on Ways and Means

Summary: Income tax rates, marginal rates reduced; new rates apply with taxable year

HISTORY OF LEGISLATIVE ACTIONS 

     Date      Body   Action Description with journal page number
-------------------------------------------------------------------------------
   12/4/2002  House   Prefiled
   12/4/2002  House   Referred to Committee on Ways and Means
   1/14/2003  House   Introduced and read first time HJ-28
   1/14/2003  House   Referred to Committee on Ways and Means HJ-28

View the latest legislative information at the LPITS web site

VERSIONS OF THIS BILL

12/4/2002

(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

A BILL

TO AMEND SECTION 12-6-510, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO INDIVIDUAL TAX RATES FOR PURPOSES OF THE SOUTH CAROLINA INCOME TAX ACT, SO AS TO REDUCE ALL MARGINAL TAX RATES BY ONE PERCENT FOR A RANGE OF ONE AND ONE-HALF PERCENT TO SIX PERCENT RATHER THAN TWO AND ONE-HALF PERCENT TO SEVEN PERCENT, AND TO CONFORM BRACKETS TO THE APPLICABLE INFLATION ADJUSTED AMOUNTS, AND TO MAKE THESE NEW RATES APPLY BEGINNING WITH TAXABLE YEAR 2003.

Be it enacted by the General Assembly of the State of South Carolina:

SECTION    1.    Section 12-6-510(A) of the 1976 Code is amended to read:

"(A)    For taxable years beginning after 1994 2002, 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 $2,460 2.5 1.5 percent of taxable

income

Over $2,220 $2,460 but $56 $37 plus 3 2 percent of

not over $4,440 $4,920 the excess over $2,220 $2,460;

Over $4,440 $4,920 but $123 $86 plus 4 3 percent of

not over $6,660 $7,380 the excess over $4,440 $4,920;

Over $6,660 $7,380 but $212 $160 plus 5 4 percent of

not over $8,880 $9,840 the excess of over $6,660

$7,380;

Over $8,880 $9,840 but $323 $258 plus 6 5 percent of

not over $11,100 $12,300 the excess over $8,880 $9,840;

Over $11,100 $12,300 $456 $381 plus 7 6 percent of

the excess over $11,100

$12,300."

SECTION    2.    This act takes effect upon approval by the Governor and applies for taxable years beginning after 2002.

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