South Carolina General Assembly
115th Session, 2003-2004

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H. 3028

STATUS INFORMATION

General Bill
Sponsors: Reps. Davenport and W.D. Smith
Document Path: l:\council\bills\ggs\22663htc03.doc

Introduced in the House on January 14, 2003
Currently residing in the House Committee on Ways and Means

Summary: Graduated corporate income tax rates

HISTORY OF LEGISLATIVE ACTIONS 

     Date      Body   Action Description with journal page number
-------------------------------------------------------------------------------
   12/4/2002  House   Prefiled
   12/4/2002  House   Referred to Committee on Ways and Means
   1/14/2003  House   Introduced and read first time HJ-21
   1/14/2003  House   Referred to Committee on Ways and Means HJ-21

View the latest legislative information at the LPITS web site

VERSIONS OF THIS BILL

12/4/2002

(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

A BILL

TO AMEND SECTION 12-6-530, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE FIVE PERCENT CORPORATE INCOME TAX RATE IMPOSED PURSUANT TO THE SOUTH CAROLINA INCOME TAX ACT, SO AS TO PROVIDE FOR GRADUATED CORPORATE INCOME TAX RATES RANGING FROM ONE AND ONE-HALF PERCENT TO FIVE PERCENT.

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

SECTION    1.    Section 12-6-530 of the 1976 Code is amended to read:

"Section 12-6-530.    (A)    An income tax at the rate provided in subsection (B) is imposed annually at the rate of five percent on the South Carolina taxable income of every corporation, other than those described in Sections 12-6-540 and 12-6-550, and any other entity taxed using the rates of a corporation for federal income tax purposes, transacting, conducting, or doing business within this State or having income within this State, regardless of whether these activities are carried on in intrastate, interstate, or foreign commerce. The terms 'transacting', 'conducting', and 'doing business' include transacting or engaging in any activity for the purpose of financial profit or gain.

(B)    The brackets and rates of the tax imposed pursuant to subsection (A) are:

Taxable Income                                    Applicable Rate

Not over $100,000                                1.5 percent of taxable income

Over $100,000 but not                        $1500 plus three percent of

over $250,000                                        the excess over $100,000

Over $250,000 but not                        $6000 plus four percent of the

over $500,000                                        excess over $250,000

Over $500,000                                    $16,000 plus five percent of

the excess over $500,000."

SECTION    2.    This act takes effect upon approval by the Governor and applies for corporate tax years beginning after 2002.

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