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H. 3053
STATUS INFORMATION
General Bill
Sponsors: Reps. Davenport and W.D. Smith
Document Path: l:\council\bills\ggs\22678htc03.doc
Introduced in the House on January 14, 2003
Currently residing in the House Committee on Ways and Means
Summary: Income tax rates, marginal rates reduced; new rates apply with taxable year
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-28 1/14/2003 House Referred to Committee on Ways and Means HJ-28
View the latest legislative information at the LPITS web site
VERSIONS OF THIS BILL
TO AMEND SECTION 12-6-510, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO INDIVIDUAL TAX RATES FOR PURPOSES OF THE SOUTH CAROLINA INCOME TAX ACT, SO AS TO REDUCE ALL MARGINAL TAX RATES BY ONE PERCENT FOR A RANGE OF ONE AND ONE-HALF PERCENT TO SIX PERCENT RATHER THAN TWO AND ONE-HALF PERCENT TO SEVEN PERCENT, AND TO CONFORM BRACKETS TO THE APPLICABLE INFLATION ADJUSTED AMOUNTS, AND TO MAKE THESE NEW RATES APPLY BEGINNING WITH TAXABLE YEAR 2003.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 12-6-510(A) of the 1976 Code is amended to read:
"(A) For taxable years beginning after 1994 2002, 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:
Not over $2,220 $2,460 2.5 1.5 percent of taxable
income
Over $2,220 $2,460 but $56 $37 plus 3 2 percent of
not over $4,440 $4,920 the excess over $2,220 $2,460;
Over $4,440 $4,920 but $123 $86 plus 4 3 percent of
not over $6,660 $7,380 the excess over $4,440 $4,920;
Over $6,660 $7,380 but $212 $160 plus 5 4 percent of
not over $8,880 $9,840 the excess of over $6,660
$7,380;
Over $8,880 $9,840 but $323 $258 plus 6 5 percent of
not over $11,100 $12,300 the excess over $8,880 $9,840;
Over $11,100 $12,300 $456 $381 plus 7 6 percent of
the excess over $11,100
$12,300."
SECTION 2. This act takes effect upon approval by the Governor and applies for taxable years beginning after 2002.
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