Reference is to Printer's Date 3/28/12-H.
Amend the bill, as and if amended, by striking all after the enacting words and inserting:
/ "Section 12-6-511.
(A) 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 12-6-520:
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 subsection (A), a taxpayer with a South Carolina taxable income of $9,520 or less is not subject to the provisions of this section, but rather is subject to the rates and brackets imposed pursuant to Sections 12-6-510 and 12-6-515 until the highest income qualifying for the zero percent tax bracket pursuant to this section has attained $9,520.
(D) The provisions of Sections 12-6-510, as indexed in accordance with Section 12-6-520, and Section 12-6-515 remain in effect until the highest income qualifying for the zero percent tax bracket pursuant to this section reaches $9,520."
SECTION 2. This act takes effect upon approval by the Governor. /
Renumber sections to conform.
Amend title to conform.