Reference is to the bill as introduced.
Amend the bill, as and if amended, by striking all after the enacting words and inserting:
/ SECTION 1. Article 5, Chapter 6, Title 12 of the 1976 Code is amended by adding:
"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 14,000
3% times the amount
14,000 7% times the
amount less $420
(B) The department may
prescribe tax tables consistent with the rates set pursuant to
subsection (A)."
Section 12-6-512. (A)
Notwithstanding the provisions of Sections
12-6-510 and 12-6-511, for taxable years beginning after 2011,
for a taxpayer with a taxable income under $11,200, 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 5,600
3% times the amount over
2,800
5,600 8,400
4% times the amount over 5,600
plus $84
8,400 11,200
5% times the amount over 8,400
plus $196
(B) The department may
prescribe tax tables consistent with the rates set pursuant to
subsection (A).
(C) In adjusting the
income brackets provided in this section in the manner provided
pursuant to Section 12-6-520, the department similarly shall
adjust the $11,200 taxable income limit provided in subsection
(A) of this section."
SECTION 3. This act takes effect upon approval by the Governor. /
Renumber sections to conform.
Amend title to conform.