Reference is to the bill as introduced.
Amend the bill, as and if amended, by striking Section 12-6-511, as contained in SECTION 1, page 1, and inserting:
/ "Section 12-6-511. Notwithstanding
the provisions of Section 12-6-510, for taxable years beginning
after 2011, 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
OVER BUT NOT OVER
$ 0 $ 2,800 0% Times the amount
2,800 14,000 3.75% Times the amount less $105
14,000 7% Times the amount less $560
(B) The department may prescribe tax tables consistent with the rates set pursuant to subsection (A).
(C) Notwithstanding any other provision of law, if a taxpayer's income bracket required a three percent tax rate in 2011 and the taxpayer would remain in the three percent tax rate in 2012 but for the enactment of this section, the taxpayer shall remain at the three percent tax rate until the taxpayer's income exceeds $5,600 or until the highest income qualifying for the zero percent tax bracket reaches $5,600, whichever occurs first." /
Renumber sections to conform.
Amend title to conform.