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TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 12-6-515 SO AS TO REDUCE THE SEVEN PERCENT TOP MARGINAL RATE OF SOUTH CAROLINA INDIVIDUAL INCOME TAX IN EQUAL ANNUAL INCREMENTS OF .225 PERCENT UNTIL A PERMANENT TOP MARGINAL RATE EQUAL TO 4.75 PERCENT IS ACHIEVED AND TO PROVIDE THAT A SCHEDULED REDUCTION IS POSTPONED IF GENERAL FUND REVENUE GROWTH FOR THE APPLICABLE FISCAL YEAR IS LESS THAN TWO 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 12-6-515. (A) Notwithstanding the rates of taxes imposed pursuant to Section 12-6-510, beginning with taxes due for the 2005 taxable year and continuing each taxable year thereafter, the then applicable top marginal rate of income tax imposed by that section is reduced by .225 percent until the top marginal rate of income tax attains a permanent rate of 4.75 percent.
(B) Notwithstanding the scheduled reductions in the top marginal income tax rate provided in subsection (A) of this section, beginning with the top marginal rate applicable for taxable year 2006, the reduction otherwise scheduled is postponed to the succeeding taxable year if estimated general fund revenue growth as established in the February fifteenth revenue forecast of the Board of Economic Advisors is less than two percent of the most recent estimate by the board of general fund revenues for the current fiscal year."
SECTION 2. This act takes effect July 1, 2005. Adjustments to withholding or estimated tax payments to reflect the lower 2005 taxable year marginal income tax rate may not be made before that date.
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