(Doc Name h:\legwork\house\amend\H-WM\001\lgf closing sm bus.docx):
EXPLANATION: Increase deal closing fund $9.9m; and Local Government Fund $40,000,000 which is generated by deleting Part II, Section 2 (Small Business Tax Relief) and replacing with orignal version of H4996 as passed by the House.
Amend the bill, as and if amended, Part IA, Section 40.
DEPARTMENT OF COMMERCE, page 168, line 36, opposite /CLOSING
FUND/ by increasing the amount(s) in Columns 5 and 6 by:
Column 5 Column 6
9,936,456 9,936,456
Amend the bill further, as and if amended, Part IA, Section 86A,
AID TO SUBDIVISIONS-DEPARTMENT OF REVENUE, page 308, line 3,
opposite /AID - LOCAL GOV'T FUND/ by increasing the amount(s) in
Columns 5 and 6 by:
Column 5 Column 6
40,000,000 40,000,000
Amend the bill further, as and if amended, Part IB, Section 90, STATEWIDE REVENUE, by amending amendment 1A Sub, doc no. house\amend\h-wm\001\h4813 amendback. docx, page 35, by striking the new Section added after Section 1 which amended Section 12-6-545(B)(2), and inserting:
TO AMEND SECTION 12-6-545, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO INCOME TAX RATES FOR PASS-THROUGH TRADE AND BUSINESS INCOME, SO AS TO REDUCE THE TAX RATE FROM FIVE PERCENT TO THREE PERCENT.
A. Section 12-6-545(B)(2) of the 1976 Code is amended read:
"(2) The rate of
the income tax imposed pursuant to this subsection is:
Taxable Year Beginning in
Rate of Tax
2006
6.5 percent
2007
6 percent
2008
5.5 percent
after 2008 through
2011 5 percent
2012
4.5 percent
2013
4 percent
2014
3.5 percent
after 2014
3 percent"
B. This section takes effect upon approval by the governor and applies for taxable years beginning after 2011. /
Renumber sections to conform.
Amend totals and titles to conform.