South Carolina General Assembly
122nd Session, 2017-2018

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S. 46

STATUS INFORMATION

General Bill
Sponsors: Senators Campsen, Bennett, Young and Alexander
Document Path: l:\council\bills\dka\3021sa17.docx

Introduced in the Senate on January 10, 2017
Introduced in the House on February 8, 2017
Last Amended on February 2, 2017
Currently residing in the House Committee on Ways and Means

Summary: Taxpayer Inflation Protection Act

HISTORY OF LEGISLATIVE ACTIONS 

     Date      Body   Action Description with journal page number
-------------------------------------------------------------------------------
  12/13/2016  Senate  Prefiled
  12/13/2016  Senate  Referred to Committee on Finance
   1/10/2017  Senate  Introduced and read first time (Senate Journal-page 37)
   1/10/2017  Senate  Referred to Committee on Finance (Senate Journal-page 37)
   1/31/2017  Senate  Committee report: Favorable with amendment Finance 
                        (Senate Journal-page 23)
    2/1/2017          Scrivener's error corrected
    2/2/2017  Senate  Committee Amendment Adopted (Senate Journal-page 8)
    2/2/2017  Senate  Read second time (Senate Journal-page 8)
    2/2/2017  Senate  Roll call Ayes-39  Nays-0 (Senate Journal-page 8)
    2/3/2017          Scrivener's error corrected
    2/7/2017  Senate  Read third time and sent to House 
                        (Senate Journal-page 29)
    2/8/2017  House   Introduced and read first time (House Journal-page 2)
    2/8/2017  House   Referred to Committee on Ways and Means 
                        (House Journal-page 2)
    5/4/2017  House   Recalled from Committee on Ways and Means 
                        (House Journal-page 99)
    5/5/2017          Scrivener's error corrected
    5/9/2017  House   Recommitted to Committee on Ways and Means 
                        (House Journal-page 106)

View the latest legislative information at the website

VERSIONS OF THIS BILL

12/13/2016
1/31/2017
2/1/2017
2/2/2017
2/3/2017
5/4/2017
5/5/2017

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

Indicates Matter Stricken

Indicates New Matter

RECALLED

May 4, 2017

S. 46

Introduced by Senators Campsen, Bennett, Young and Alexander

S. Printed 5/4/17--H.    [SEC 5/5/17 2:45 PM]

Read the first time February 8, 2017.

            

A BILL

TO AMEND SECTION 12-6-520, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO INFLATION ADJUSTMENTS TO STATE INDIVIDUAL INCOME TAX BRACKETS, SO AS TO ENACT THE "TAXPAYER INFLATION PROTECTION ACT", 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.    This act may be cited as the "Taxpayer Inflation Protection Act".

SECTION    2.    Section 12-6-520 of the 1976 Code is amended to read:

"Section 12-6-520.    Each December 15 fifteenth, 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 the rounding amount provided in Section 1(f)(6) is deemed to be ten dollars. The brackets, as adjusted, apply in lieu instead 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    3.    This act takes effect upon approval by the Governor and first applies for income tax brackets applicable for taxable year 2017.

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This web page was last updated on May 10, 2017 at 11:21 AM