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Current Status Bill Number:View additional legislative information at the LPITS web site.33 Type of Legislation:General Bill GB Introducing Body:Senate Introduced Date:20010110 Primary Sponsor:Passailaigue All Sponsors:Passailaigue, Ford, Mescher, Reese, Rankin, Branton Drafted Document Number:l:\s-res\elp\010five.whb.doc Companion Bill Number:3454 Residing Body:Senate Current Committee:Finance Committee 06 SF Subject:Income tax rates, maximum on businesses, corporations, partnerships; owner, shareholder, etc. of; Taxation History Body Date Action Description Com Leg Involved ______ ________ ______________________________________ _______ ____________ ------ 20010220 Companion Bill No. 3454 Senate 20010110 Introduced, read first time, 06 SF referred to Committee Versions of This Bill
TO AMEND CHAPTER 6 OF TITLE 12 OF THE CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE IMPOSITION OF TAX RATES, BY ADDING SECTION 12-6-515 SO AS TO PROVIDE A MAXIMUM FIVE PERCENT STATE INCOME TAX RATE ON SOUTH CAROLINA TAXABLE INCOME RECEIVED BY A TAXPAYER IN THE TAXPAYER'S CAPACITY AS A SOLE PROPRIETOR OF A BUSINESS, SHAREHOLDER OF A SUBCHAPTER "S" CORPORATION, PARTNER IN A PARTNERSHIP, OR MEMBER OF A LIMITED LIABILITY COMPANY.
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 12-6-515. Notwithstanding the rates imposed pursuant to Section 12-6-510, a maximum rate of five percent of South Carolina taxable income applies to income received by or attributed to a taxpayer as a result of the taxpayer's status as a:
(1) sole proprietor of a business;
(2) shareholder of a subchapter 'S' corporation;
(3) partner in a partnership; or
(4) member of a limited liability company.
The special rate allowed by this section does not apply for a guaranteed payment to a partner for personal service rendered by the partner for the partnership."
SECTION 2. Upon approval by the Governor, this act applies for taxable years beginning after 2000.
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