S*1283 (Rat #0306, Act #0282 of 2006) General Bill, By Leatherman and Peeler
Summary: Small business income tax
    AN ACT TO AMEND SECTION 12-6-545, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE APPLICATION OF THE REDUCED STATE MARGINAL INDIVIDUAL INCOME TAX RATE TO THE ACTIVE TRADE OR BUSINESS INCOME OF A PASS-THROUGH BUSINESS, SO AS TO MAKE THIS APPLICATION OPTIONAL AT THE ANNUAL ELECTION OF THE TAXPAYER, TO REVISE DEFINITIONS FOR THIS APPLICATION, TO REVISE THE METHOD OF DEDUCTING ACTIVE TRADE OR BUSINESS LOSS WHEN SUCH LOSS EXCEEDS ACTIVE TRADE OR BUSINESS INCOME; TO PROVIDE A "SAFE HARBOR" AMOUNT IN DETERMINING THE NONPERSONAL SERVICE PORTION OF ACTIVE TRADE OR BUSINESS INCOME OF A TAXPAYER IN ONE OR MORE PASS-THROUGH BUSINESSES WITH TOTAL GROSS INCOME OF LESS THAN ONE MILLION DOLLARS AND TAXABLE INCOME OF LESS THAN ONE HUNDRED THOUSAND DOLLARS, AND TO AUTHORIZE THE DEPARTMENT OF REVENUE TO PROVIDE OTHER METHODS OF DETERMINING INCOME DEEMED UNRELATED TO PERSONAL SERVICES. - ratified title
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03/28/06	Senate	Introduced and read first time SJ-5
03/28/06	Senate	Referred to Committee on Finance SJ-5
03/31/06	Senate	Referred to Subcommittee: O'Dell (ch), Peeler, Reese, Short, Fair, Verdin
04/05/06	Senate	Committee report: Favorable with amendment Finance SJ-21
04/06/06	Senate	Amended SJ-28
04/06/06	Senate	Read second time SJ-28
04/11/06	Senate	Read third time and sent to House SJ-24
04/13/06	House	Introduced and read first time HJ-15
04/13/06	House	Referred to Committee on Ways and Means HJ-15
05/04/06	House	Recalled from Committee on Ways and Means HJ-112
05/10/06	House	Debate adjourned until Thursday, May 11, 2006 HJ-105
05/11/06	House	Read second time HJ-17
05/11/06	House	Unanimous consent for third reading on next legislative day HJ-18
05/12/06	House	Read third time and enrolled HJ-1
05/18/06		Ratified R 306
05/23/06		Signed By Governor
05/25/06		Copies available
05/25/06		Effective date See Act for Effective Date
06/08/06		Act No. 282