South Carolina General Assembly
119th Session, 2011-2012

Download This Version in Microsoft Word format

Bill 4996

Indicates Matter Stricken
Indicates New Matter

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

A BILL

TO AMEND SECTION 12-6-545, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO INCOME TAX RATES FOR PASS-THROUGH TRADE AND BUSINESS INCOME, SO AS TO REDUCE THE TAX RATE FROM FIVE PERCENT TO THREE PERCENT.

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

SECTION    1.    Section 12-6-545(B)(2)    of the 1976 Code is amended read:

"(2)    The rate of the income tax imposed pursuant to this subsection is:

Taxable Year Beginning in                                Rate of Tax

2006                                                        6.5 percent

2007                                                        6 percent

2008                                         5.5 percent

after 2008 through 2011                                    5 percent

after 2011                                                        3 percent"

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

----XX----

This web page was last updated on March 13, 2012 at 10:53 AM