A bill

to amend the South Carolina Code of Laws by amending Section 12-6-510, relating to individual income taxes, so as to provide that the first one million dollars of taxable income is taxed at a rate of zero percent and the top marginal rate applies thereafter to amounts over one million dollars.

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

SECTION 1.Section 12-6-510 of the S.C. Code is amended by adding a subsection to read:

(D) Notwithstanding subsections (A) and (B), for taxable years beginning after 2022, a tax is imposed on the South Carolina taxable income of individuals, estates, and trusts and any other entity except those taxed or exempted from taxation under Sections 12-6-530 through 12-6-550 computed at the following rates with the income brackets indexed in accordance with Section 12-6-520:

                                                                                                           

25	At least	But not less than	Compute the tax as follows
26	$0	$1,000,000	0% times the amount
27           28	$1,000,000	or more	6% times the amount over $1,000,000

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

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