Download This Bill in Microsoft Word format

Bill 4365

                    Current Status

Bill Number:                      4365
Type of Legislation:              General Bill GB
Introducing Body:                 House
Introduced Date:                  20000111
Primary Sponsor:                  Davenport
All Sponsors:                     Davenport, Simrill, Altman, Woodrum
Drafted Document Number:          l:\council\bills\bbm\9090htc00.doc
Residing Body:                    House
Current Committee:                Ways and Means Committee 30 HWM
Subject:                          Income tax rates, marginal rates reduced, 
                                  new rates begin with tax year 2000; Taxation


                        History

Body    Date      Action Description                     Com     Leg Involved
______  ________  ______________________________________ _______ ____________
House   20000111  Introduced, read first time,           30 HWM
                  referred to Committee
House   19991229  Prefiled, referred to Committee        30 HWM


              Versions of This 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 2000.

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

SECTION 1. Section 12-6-510(A) of the 1976 Code, as added by Act 76 of 1995, is amended to read:

"(A) For taxable years beginning after 1994 1999, 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 $2,360 2.5 1.5 percent of taxable

income

Over $2,220 $2360 but $56 $35 plus 3 2 percent of

not over $4,440 $4,720 the excess over $2,220 $2,360;

Over $4,440 $4,720 but $123 $83 plus 4 3 percent of

not over $6,660 $7,080 the excess over $4,440 $4,720;

Over $6,660 $7,080 but $212 $153 plus 5 4 percent of

not over $8,880 $9,440 the excess of $6,660 $7,080;

Over $8,880 $9,440 but $323 $248 plus 6 5 percent of

not over $11,100 $11,800 the excess over $8,880 $9,440;

Over $11,100 $11,800 $456 $366 plus 7 6 percent of

the excess over $11,100 $11,800."

SECTION 2. This act takes effect upon approval by the Governor and applies for taxable years beginning after 1999.

This web page was last updated on Wednesday, December 9, 2009 at 9:28 A.M.