Reference is to Printer's Date 3/28/12-H.
Amend the bill, as and if amended, by striking all after the enacting words and inserting:
/ "Section 12-6-511.
(A) Notwithstanding the provisions of
Section 12-6-510, for taxable years beginning after 2011, 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:
OVER
BUT NOT OVER
$
0 $ 2,800
0% Times the amount
2,800
14,000
3.75% Times the amount less $105
14,000
7% Times the amount less
$560
(B) The department may
prescribe tax tables consistent with the rates set pursuant to
subsection (A).
(C) Notwithstanding
subsection (A), a taxpayer with a South Carolina taxable income
of $9,520 or less is not subject to the provisions of this
section, but rather is subject to the rates and brackets imposed
pursuant to Sections 12-6-510 and 12-6-515 until the highest
income qualifying for the zero percent tax bracket pursuant to
this section has attained $9,520.
(D) The provisions of
Sections 12-6-510, as indexed in accordance with Section
12-6-520, and Section 12-6-515 remain in effect until the
highest income qualifying for the zero percent tax bracket
pursuant to this section reaches $9,520."
SECTION 2. This act takes effect upon approval by the Governor. /
Renumber sections to conform.
Amend title to conform.