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S. 173
STATUS INFORMATION
General Bill
Sponsors: Senators Reese, Bauer, Knotts and Ford
Document Path: l:\council\bills\ggs\22749htc03.doc
Companion/Similar bill(s): 3314
Introduced in the Senate on January 14, 2003
Currently residing in the Senate Committee on Finance
Summary: State income tax rates
HISTORY OF LEGISLATIVE ACTIONS
Date Body Action Description with journal page number ------------------------------------------------------------------------------- 1/14/2003 Senate Introduced and read first time SJ-93 1/14/2003 Senate Referred to Committee on Finance SJ-93
View the latest legislative information at the LPITS web site
VERSIONS OF THIS BILL
TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, 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, A 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 2002.
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