South Carolina General Assembly
120th Session, 2013-2014

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Indicates New Matter

H. 3266

STATUS INFORMATION

General Bill
Sponsors: Reps. Stringer, Harrell, Bannister, Allison, Atwater, Ballentine, Bedingfield, Bowen, Chumley, Crosby, Daning, Erickson, Forrester, Gagnon, Goldfinch, Hamilton, Henderson, Hiott, Hixon, Horne, Kennedy, Loftis, Long, Lowe, Lucas, McCoy, D.C. Moss, V.S. Moss, Murphy, Newton, Owens, Patrick, Pope, Putnam, Sandifer, G.M. Smith, G.R. Smith, J.R. Smith, Sottile, Spires, Tallon, Taylor, Thayer, Wells, Whitmire and Wood
Document Path: l:\council\bills\nl\13073dg13.docx

Introduced in the House on January 9, 2013
Currently residing in the House Committee on Ways and Means

Summary: Income tax brackets

HISTORY OF LEGISLATIVE ACTIONS

     Date      Body   Action Description with journal page number
-------------------------------------------------------------------------------
    1/9/2013  House   Introduced and read first time (House Journal-page 16)
    1/9/2013  House   Referred to Committee on Ways and Means 
                        (House Journal-page 16)
   1/28/2013          Scrivener's error corrected

View the latest legislative information at the LPITS web site

VERSIONS OF THIS BILL

1/9/2013
1/28/2013

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

A BILL

TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 12-6-511 SO AS TO ELIMINATE THE FOUR, FIVE, AND SIX PERCENT INCOME BRACKETS AND INSTEAD TAX THOSE INCOMES AT THREE AND 75/100THS PERCENT.

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

SECTION    1.    Article 5, Chapter 6, Title 12 of the 1976 Code is amended by adding:

"Section 12-6-511.    (A)    Notwithstanding the provisions of Section 12-6-510, for taxable years beginning after 2012, 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:

OVER    BUT NOT OVER

$    0    $2,850    0%     Times the amount

2,850        14,250    3.75%    Times the amount less $107

14,250            7%        Times the amount less $570

(B)    The department may prescribe tax tables consistent with the rates set pursuant to subsection (A).

(C)    Notwithstanding subsection (A), a taxpayer with a South Carolina taxable income of $9,970 or less is not subject to the provisions of this section, but rather is subject to the rates and brackets imposed pursuant to Sections 12-6-510 and 12-6-515 until the highest income qualifying for the zero percent tax bracket pursuant to this section has attained $9,970.

(D)    The provisions of Sections 12-6-510, as indexed in accordance with Section 12-6-520, and Section 12-6-515 remain in effect until the highest income qualifying for the zero percent tax bracket pursuant to this section reaches $9,970."

SECTION    2.    This act takes effect upon approval by the Governor.

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This web page was last updated on Thursday, February 28, 2013 at 3:24 P.M.