South Carolina General Assembly
120th Session, 2013-2014

Download This Bill in Microsoft Word format

Indicates Matter Stricken
Indicates New Matter

S. 58

STATUS INFORMATION

General Bill
Sponsors: Senators Campsen and Bryant
Document Path: l:\s-res\gec\014taxp.hm.gec.docx

Introduced in the Senate on January 8, 2013
Currently residing in the Senate Committee on Finance

Summary: Taxpayer Inflation Protection Act

HISTORY OF LEGISLATIVE ACTIONS 

     Date      Body   Action Description with journal page number
-------------------------------------------------------------------------------
  12/13/2012  Senate  Prefiled
  12/13/2012  Senate  Referred to Committee on Finance
    1/8/2013  Senate  Introduced and read first time (Senate Journal-page 53)
    1/8/2013  Senate  Referred to Committee on Finance (Senate Journal-page 53)

View the latest legislative information at the LPITS web site

VERSIONS OF THIS BILL

12/13/2012

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

A BILL

TO AMEND THE CODE OF LAWS OF SOUTH CAROLINA, 1976, TO ENACT THE "TAXPAYER INFLATION PROTECTION ACT"; TO AMEND SECTION 12-6-520, RELATING TO ANNUAL INFLATION ADJUSTMENTS TO STATE INDIVIDUAL INCOME TAX BRACKETS, TO DELETE THE PROVISION LIMITING THE INFLATION ADJUSTMENT TO ONE-HALF OF THE ACTUAL INFLATION RATE AND THE OVERALL FOUR PERCENT LIMIT ON THE TOTAL INFLATION ADJUSTMENT, AND TO DELETE REDUNDANT LANGUAGE.

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

SECTION    1.        A.        This section may be cited as the "Taxpayer Inflation Protection Act".

B.        Section 12-6-520 of the 1976 Code is amended to read:

"Section 12-6-520.    Each December 15 fifteen, the department shall cumulatively adjust the brackets in Section 12-6-510 in the same manner that brackets are adjusted in Internal Revenue Code Section 1(f). However, the adjustment is limited to one-half of the adjustment determined by Internal Revenue Code Section (1)(f), may not exceed four percent a year, and but the rounding amount provided in Section 1(f)(6) is deemed to be ten dollars. The brackets, as adjusted, apply in lieu of those provided in Section 12-6-510 for taxable years beginning in the succeeding calendar year. Inflation adjustments must be made cumulatively to the income tax brackets."

SECTION    2.    This act takes effect upon approval by the Governor and first applies for income tax brackets applicable for taxable year 2013.

----XX----

This web page was last updated on Thursday, February 28, 2013 at 3:49 P.M.