A bill

 

TO AMEND THE SOUTH CAROLINA CODE OF LAWS BY ADDING SECTION 12-6-511 SO AS TO ELIMINATE THE IMPOSITION OF THE INCOME TAX ON INDIVIDUALS, ESTATES, AND TRUSTS; BY REPEALING SECTION 12-6-510 RELATING TO TAX RATES FOR INDIVIDUALS, ESTATES, AND TRUSTS; BY REPEALING SECTION 12-6-515 RELATING TO INCOME TAX BRACKETS; BY REPEALING SECTION 12-6-520 RELATING TO ANNUAL ADJUSTMENTS TO INCOME TAX BRACKETS; AND BY REPEALING SECTION 12-6-545 RELATING TO INCOME TAX RATES FOR PASS-THROUGH TRADE AND BUSINESS INCOME.

 

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

 

SECTION 1.  Article 5, Chapter 6, Title 12 of the S.C. Code is amended by adding:

 

    Section 12-6-511.  Notwithstanding any other provision of law, for tax years beginning after 2024, no tax may be imposed on the South Carolina taxable income of individuals, estates, and trusts. Any provision of law that requires the imposition or imposition-related requirements, such as filings and withholdings, are no longer effective.

 

SECTION 2.  Sections 12-6-510, 12-6-515, 12-6-520, and 12-6-545 of the S.C. Code are repealed.

 

SECTION 3.  This act takes effect upon approval by the Governor and first applies to tax years beginning after 2024.

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