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TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, BY ADDING SECTION 12-6-515 SO AS TO REDUCE PERMANENTLY BY FIFTY BASIS POINTS THE MARGINAL RATES OF THE SOUTH CAROLINA INDIVIDUAL INCOME TAX FOLLOWING FISCAL YEARS IN WHICH GENERAL FUND REVENUES EXCEEDS BY MORE THAN TWO HUNDRED FIFTY MILLION DOLLARS THE GENERAL FUND REVENUE ESTIMATE FOR THE FISCAL YEAR.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Article 5, Chapter 6, Title 12 of the 1976 Code is amended by adding:
"Section 12-6-515. (A) Notwithstanding the rates of taxes imposed pursuant to Section 12-6-510, if the actual revenues of the general fund of the State during any fiscal year exceed estimated general fund revenue for that fiscal year as set forth in the February fifteenth revenue forecast by the Board of Economic Advisors by more than two hundred fifty million dollars, each then applicable marginal rate of income tax imposed pursuant to that section is permanently reduced by the lesser of fifty basis points or the then applicable rate.
(B) The department shall make the necessary adjustments to the rates and the brackets otherwise applicable pursuant to Section 12-6-510 in conformity with the provisions of this section. These adjusted rates and brackets are effective for taxable years beginning after December thirty-first following the end of the fiscal year in which the qualifying surplus general fund revenues accrued. These adjustments shall continue until the time the applicable rate is zero."
SECTION 2. This act takes effect upon approval by the Governor and first applies with respect to any surplus general fund revenue accruing for fiscal year 2007-2008.
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