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Current Status Bill Number:View additional legislative information at the LPITS web site.3202 Type of Legislation:General Bill GB Introducing Body:House Introduced Date:20010109 Primary Sponsor:Campsen All Sponsors:Campsen, Altman, R. Brown, Cato, Chellis, Cotty, Dantzler, Easterday, Hamilton, Harrell, Hinson, Law, Leach, Limehouse, Littlejohn, Loftis, Lucas, Merrill, Perry, Quinn, Rice, Robinson, Scarborough, Simrill, Sinclair, D.C. Smith, W.D. Smith, Stille, Tripp, J. Young, White Drafted Document Number:l:\council\bills\bbm\9777htc01.doc Residing Body:House Current Committee:Ways and Means Committee 30 HWM Subject:Marriage Penalty Tax Relief Act, income tax, joint returns; Domestic Relations, Taxation, Acts Cited By Popular Name History Body Date Action Description Com Leg Involved ______ ________ ______________________________________ _______ ____________ House 20010131 Co-Sponsor added (Rule 5.2) by Rep. White House 20010109 Introduced, read first time, 30 HWM referred to Committee Versions of This Bill
TO ENACT THE MARRIAGE PENALTY TAX RELIEF ACT BY AMENDING SECTION 12-6-510, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO TAX RATES AND BRACKETS APPLICABLE TO INDIVIDUALS, ESTATES, AND TRUSTS FOR PURPOSES OF THE SOUTH CAROLINA INCOME TAX ACT, SO AS TO ALLOCATE EQUALLY BETWEEN SPOUSES SOUTH CAROLINA TAXABLE INCOME REPORTED ON A JOINT RETURN AND APPLY THE RATES AND BRACKETS SEPARATELY TO EACH INCOME THEREBY REDUCING THE STATE INCOME TAX LIABILITY FOR MARRIED COUPLES FILING JOINT RETURNS; TO REPEAL SECTION 12-6-3330, RELATING TO THE TWO WAGE EARNER CREDIT FOR MARRIED INDIVIDUALS FILING JOINT RETURNS MADE OBSOLETE BY THE PROVISIONS OF THIS ACT, AND TO PHASE IN THESE PROVISIONS OVER FIVE TAXABLE YEARS BEGINNING WITH THE 2001 TAXABLE YEAR.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. This act may be cited as the "Marriage Penalty Tax Relief Act".
SECTION 2. Section 12-6-510 of the 1976 Code, as added by Act 76 of 1995, is amended by adding at the end:
"(C) In the case of married taxpayers filing a joint return pursuant to Section 12-6-5000, South Carolina taxable income is allocated equally between spouses and the rates and brackets provided in subsection (A) are applied separately to each income in determining the joint tax liability."
SECTION 3. Section 12-6-3330 of the 1976 Code is repealed.
SECTION 4. (A) Notwithstanding the provisions of Section 12-6-510(C) of the 1976 Code as added by this act, the reduction in state individual income tax liability allowed pursuant to that subsection for taxable years before 2005 is limited according to the following schedule:
Taxable year Percentage of liability reduction allowed
2001 twenty percent
2002 forty percent
2003 sixty percent
2004 eighty percent
(B) Notwithstanding the repeal of Section 12-6-3330 of the 1976 Code, the provisions of that section continue for taxable years before 2005, but the credit is allowed only according to the following schedule:
Taxable year Percentage of credit allowed
2001 eighty percent
2002 sixty percent
2003 forty percent
2004 twenty percent
SECTION 5. This act takes effect upon approval by the Governor and applies for taxable years beginning after 2000.
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