View Amendment Current Amendment: 46C002.BBM.DG17.docx to Bill 75     The Committee on Finance proposed the following amendment (DG\46C002.BBM.DG17):
    Amend the bill, and if amended, by striking SECTION 2 and inserting:

/     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 but 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."         /

    Renumber sections to conform.
    Amend title to conform.