South Carolina General Assembly
119th Session, 2011-2012

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Bill 4996

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

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COMMITTEE REPORT

March 28, 2012

H. 4996

Introduced by Reps. Stringer, Bingham, Harrell, White, McCoy, Norman, Clemmons, Quinn, Ballentine, Ryan, Brannon, Bedingfield, Spires, Thayer, Parker, Taylor, Daning, Hearn, J.R. Smith, Patrick, Murphy, Bowen, Lowe, Nanney, Hiott, Sottile, Loftis, Allison, Atwater, Bannister, Chumley, Crosby, Delleney, Erickson, Hamilton, Hardwick, Henderson, Herbkersman, Hixon, Horne, Limehouse, Long, Merrill, D.C. Moss, V.S. Moss, Owens, Pinson, Pope, Sandifer, Simrill, G.M. Smith, G.R. Smith, Tallon, Willis, Young and Forrester

S. Printed 3/28/12--H.

Read the first time March 13, 2012.

            

THE COMMITTEE ON WAYS AND MEANS

To whom was referred a Bill (H. 4996) 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, etc., respectfully

REPORT:

That they have duly and carefully considered the same and recommend that the same do pass with amendment:

Amend the bill, as and if amended, by striking all after the enacting words and inserting:

/    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

2012                            4.5 percent

2013                            4 percent

2014                            3.5 percent

after 2014                            3 percent"

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

Renumber sections to conform.

Amend title to conform.

W. BRIAN WHITE for Committee.

            

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.

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This web page was last updated on March 28, 2012 at 8:44 PM