View Amendment Current Amendment: 3516R112.SP.GM.docx to Bill 3516     Senator MALLOY proposed the following amendment (3516R112.SP.GM):
    Amend the bill, as and if amended, by adding an appropriately numbered new SECTION to read:
/     SECTION     __.     A.     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 Internal Revenue Code 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."

B.     This act takes effect upon approval by the Governor and first applies for income tax brackets applicable for taxable year 2018.         /

    Renumber sections to conform.
    Amend title to conform.