The Ways and Means Committee proposed the following Amendment No. 1 to H. 4996 (COUNCIL\NBD\12280DG12):

Reference is to Printer's Date 3/13/12-H.

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.